Vanuatu passes long-awaited crypto laws that won’t be ‘light touch’

Vanuatu has passed laws to regulate digital assets and provide a licensing regime for crypto companies wanting to operate in the Pacific island nation, which a government regulatory consultant has called “very stringent. ” The local parliament passed the Virtual Asset Service Providers Act on March 26, giving crypto licensing authority to the Vanuatu Financial Services Commission (VFSC) along with powers to enforce the Financial Action Task Force’s Anti-Money Laundering, Counter-Terrorism Financing and Travel Rule standards with crypto firms. The VFSC has sweeping investigation and enforcement powers under the laws, with penalties stipulating fines of up to 250 million vatu ($2 million) and up to 30 years in prison. “God help any scammer that goes into Vanuatu because you’ll go to jail,” Loretta Joseph, who consulted with the regulator on the laws, told Cointelegraph source: https://cointelegraph.com/news/vanuatu-crypto-laws-pass-wont-be-light-touch-adviser?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound