Malta Gives Vanuatu Guidance on Blockchain Regulatory Policy
According to the Vanuatu Daily Post, Malta has officially agreed to provide the Island nation of Vanuatu with the necessary aid to establish blockchain regulatory policies. As Malta stands alone as the only nation to have successfully designed legal regulatory policy for both blockchain and DLT, it offers beneficial support to Vanuatu following in its footsteps.
In a recent statement issued this September by the Reserve Bank of Vanuatu, public residents were warned of digital assets, making it clear they were neither considered legal nor under any regulations by the nation’s banks. The official announcement followed the understanding that several finance companies have been increasingly involved with digital assets in addition to the news of a potential launch for a nation owned crypto token.
Warnings Against Blockchain Tech and Crypto Projects
The RBV stressed that companies and individuals alike should immediately distance themselves from further involvement with the unregulated digital technology. Taking this sentiment further, the country’s COM agency suggested finance ministers to order the VFSC to halt all FDL grants pertaining to blockchain and digital asset activities. In addition, a task force was set to be created comprised of officials from the RBV and other state agencies to construct a framework from which to draft legal regulatory policies. Until an official guideline for regulation was passed, all ministries were advised to halt and discourage engagement with crypto-based businesses.
As a dual member of the EU and the United Kingdom’s Commonwealth, Malta has established itself as a blockchain hub through the guidance of Dr. Muscat, the nation’s PM. Renowned as the Blockchain Island, its government aims to implement a blockchain-pro regime.
In an attempt to facilitate the introduction of blockchain technology, DLT, and ICOs into Vanuatu through a global regulatory standard, the nation’s minister set up a meeting with Malta’s PM and the Parliamentary Secretary of Financial Services, Silvio Schembri.
Through these discussions, Vanuatu government officials hoped to learn from Malta’s legislative framework and better understand how to implement these strategies within Vanuatu. In addition, Dr. Muscat’s suggestion to establish a standardized system of regulation across the commonwealth island sector was highly supported and will be discussed during meetings in London between Minister Regenvanu and the UK’s Commonwealth Secretariat.
Growing Interest in the Vanuatu Market
Regenvanu has taken this initiative very seriously, reaching out to resources and receiving trusted advice from experts in the industry. He met with the Chief Executive Officer of Malta’s regulatory agency, the FSA, to discuss receiving guidance and support across all financial sectors pertaining to blockchain tech policy.
He also met with the heads of the University of Mata in order to discuss blockchain training opportunities geared towards Vanuatu students and regulatory officials. His presence at the Delta Summit initiated a growing interest from blockchain businesses who are keen to establish grounds in the nation once regulations are in place including known brands such as Revolut in addition to other popular cryptocurrency exchanges.
Regenvanu noted that positive discussions with Maltese officials regarding the development of a Vanuatu blockchain technology regulatory structure, he believes the nation has the best support to move forward with the project. Upon establishing a team, Regenvanu plans to send them to Malta to learn more details regarding the task at hand under the extensive knowledge and expertise offered by Maltese resources.