Maltese authorities are hoping to help their fellow island nation, Vanuatu, with developing a solid blockchain regulatory system.
Vanuatu is admittedly still skeptical about cryptocurrencies with the Reserve Bank of Vanuatu (RBV) cautioning the public against using virtual currencies. In fact, according to the Vanuatu Daily Post, the financial institution encouraged businesses and individuals “to refrain from involving themselves in cryptocurrency business with immediate effect”.
Malta Offers a Helping Hand
This led to the country’s government instructing the Vanuatu Financial Services Commission (VFSC) to stop issuing blockchain- and crypto businesses with a Financial Dealers Licenses (FDL). While this may seem as if the country is closing the door on the industry, that’s not the case. Authorities then requested the development of a unit to create a legal framework to be reviewed and passed in Parliament. This task force will consist of industry professionals including representatives from the VFSC and the RBV.
Malta, on the other hand, is fully embracing the industry and has the legislation to prove it. Prime Minister Joseph Muscat recently hosted the DELTA Summit in the country, which was actually attended by Vanuatu’s Minister of Foreign Affairs, Ralph Regenvanu, who discussed how Malta could assist Vanuatu with their own regulation development. Regenvanu also met with the CEO of the Malta Financial Services Authority, who will also be assisting in the development process.
The Future of Crypto and Blockchain in Vanuatu
In addition, the minister sat down with the Pro-Rector of the University of Malta to discuss possibly allowing ni-Vanuatu students and even government officials to receive training on this new technology. This appears to show that the nation believes that there is a future for this industry in their country.
Regenvanu discussed his excitement at these developments:
Now that we have had such a positive expression of interest from the highest levels of the Maltese Government to help us in developing our own legal framework for the regulation of Blockchain, Digital Ledger Technology and Virtual Financial Assets, I am confident that Vanuatu now has the right technical assistance and expertise in place to move forward quickly with these regulations. Once we establish the national taskforce as mandated by the Council of Ministers, I will be recommending the taskforce immediately visit Malta to draw on the extensive body of knowledge and expertise they have brought together concerning this very specialised topic.
Regenvanu will also be meeting with the Commonwealth Secretariat in London to discuss the creation of a “Commonwealth of Blockchain Islands” who will adhere to the same set of industry guidelines. This idea was encouraged by Muscat who refers to Malta as the “blockchain island”.
The island nation of Vanuatu also received interest from a range business, including crypto exchanges, who hope to open up businesses in the country once a clear framework is developed and implemented.
Do you think that Vanuatu will be the next “blockchain island”? Let us know in the comments below!
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