The Pacific Island nation of Vanuatu is set to pass a digital asset and service provider bill in September, according to Vanuatu Financial Services Commission (VFSC) Commissioner Branan Karae. The bill will require virtual asset service providers (VASPs) to be licensed and registered in the country, enabling them to operate legally for the first time. The VFSC will monitor VASPs to ensure compliance with Anti-Money Laundering and Counter-Terrorism financing laws. Penalties for those carrying out VASP activities without a license include fines of 25 million Vanuatu vatus ($207,700) or imprisonment for 15 years. The bill is expected to help Vanuatu meet Financial Action Task Force standards.
Vanuatu anticipates finalizing longawaited cryptocurrency legislation by September
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