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Nauru to Establish Virtual Asset Management Authority, Aiming to Become Cryptocurrency Hub in Pacific Region
Summary: According to reports from Financefeeds, Nauru has passed legislation to establish an agency dedicated to regulating digital assets, marking an important step in the Pacific region's embrace of Web3 and virtual finance. The new agency, named Command Ridge Virtual Asset Authority (CRVAA), will oversee virtual asset service providers and help the island nation become a ...
According to reports from Financefeeds, Nauru has passed legislation to establish an agency dedicated to regulating digital assets, marking an important step in the Pacific region's embrace of Web3 and virtual finance. The new agency, named Command Ridge Virtual Asset Authority (CRVAA), will oversee virtual asset service providers and help the island nation become a hub for digital asset activities.
CRVAA will operate as an autonomous body, managing licensing, supervision, and compliance matters related to digital banks, token issuance, crypto trading platforms, wallets, and decentralized finance platforms.
Note: Command Ridge is the name of Nauru's highest peak and a geographical landmark of the country.
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Link: Nauru to Establish Virtual Asset Management Authority, Aiming to Become Cryptocurrency Hub in Pacific Region [Copy]
