Minister Regenvanu with Silvio Schembri, Parliamentary Secretary for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta

Malta – the only country in the world with a proper legal framework for Blockchain and Distributed Ledger Technologies (DLT) – has agreed to assist Vanuatu with Blockchain Regulation.

In mid-September, the Reserve Bank of Vanuatu (RBV) issued a public statement warning that cryptocurrencies are “not recognized as legal tender in Vanuatu and are not issued or regulated by the bank”.

The statement was prompted by the bank “recently becoming aware that a few financial institutions are directly involved in some form of cryptocurrency business, and some are even marketing a Vanuatu-owned cryptocurrency”. The statement went on to “strongly advise all corporate, financial institutions, public enterprises, and individual customers and public at large to refrain from involving themselves in cryptocurrency business with immediate effect”.

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