For Vanuatu, the future of financial services has already begun in the form of a recently gazetted amendment that formalizes the use of digital assets for licensed financial dealers. The freshly minted legislation, [Financial Dealers Licensing, 22/07/2021], allows for the “service of distribution, secondary trading, custodial storage, provision of investment advice or other services in relation to digital assets.”

Though digital assets themselves have been a hotly-contested issue in the past few years, a period of deliberation and structured evaluation led Vanuatu to reconsider and overturn an initial ban. Digital assets rely on a distributed, secure ledger, such as blockchain technology, and can be used to represent land, stocks, or other traditional commodities, but their most widespread use is for currencies.

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