Vanuatu Passes Crypto Regulation and Licensing Bill, But “Very Strict”

 according to Cointelegraph, Vanuatu has regulated digital assets through legislation and has established a licensing system for crypto companies wishing to operate in the Pacific island nation, described by a government regulatory advisor as "very strict." The local parliament passed the Virtual Asset Service Providers Act on March 26, granting the Vanuatu Financial Services Commission (VFSC) the power to license crypto companies and to enforce the Financial Action Task Force (FATF) anti-money laundering, counter-terrorism financing, and travel rule standards. Under these laws, the VFSC has broad investigative and enforcement powers, with fines of up to 250 million Vatu (approximately 2 million USD) and a maximum of 30 years in prison.