The tiny Pacific island of Vanuatu is to get some help from crypto dynamo Malta to assist with the drafting of its new blockchain legislation.
The island’s Minister of Foreign Affairs, Ralph Regenvanu, has sought support help from the Maltese government in framing blockchain legislation after a meeting with Maltese PM Dr Joseph Muscat and pro-crypto Parliamentary Secretary Silvio Schembri, where it was decided that regulatory structures would be crucial for a developing blockchain environment such as Vanuatu.
The Vanuatu archipelago, which is of volcanic origin, is 1,750 kilometers east of northern Australia, 540 kilometers northeast of Reserve Bank of Vanuatu, east of New Guinea, southeast of the Solomon Islands, and west of Fiji. Vanuatu is moving ahead with its blockchain and crypto plans having recently approved a stock exchange license to a crypto exchange on the island, making it the first such event in the South Pacific island’s business history.
The latest plans to accept Malta’s offers of assistance have disregarded the Reserve Bank of Vanuatu’s earlier warnings that virtual currencies are “not perceived as legitimate tender in Vanuatu and are not issued or controlled by the bank”.
The Maltese support will come in the shape of training for state regulators and students, as well as technical help with regulation. MaIta, highly experienced in legislating for emerging technologies could well become a go-to advisory for emerging blockchain territories. It is no accident that the Delta Summit 2018 held last week in Malta had been chosen for this particular time, given recent legislative moves to position itself a crypto/blockchain world leader.
This is not the first time that the tiny jurisdiction of Vanuatu has hit the press, as another crypto revelation earlier this year claimed that the nation would patriate new citizens to the islands for the sum of USD 200,000 payable in Bitcoin, a report refuted by local authorities.
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