At a recent symposium, Vanuatu’s budding fintech industry was widely hailed as a strategic sector for the economy. While there are still a few challenges, all participants agreed that the opportunities promise a bright future for the country’s youth.

The Symposium “Virtual assets: Navigating the legal framework,” hosted by the Vanuatu Financial Services Commission (VFSC) on June 22, charted a positive future for the country. Attended by the Honourable John Salong Damasing, Minister of Finance and Economic Management, the event was the first time Vanuatu brokers, regulators, government officials and other stakeholders met since the amended Financial Dealers Licensing Act came into effect 18 months ago, ensuring that the jurisdiction meets global compliance standards. 

The new law opened the jurisdiction to trading digital assets, such as cryptocurrencies and other virtual representations of assets, collectively called “virtual assets” in the parlance of global financial regulators, including the Financial Action Task Force (FATF). 

The full event is shown in three parts below. FMA Vanuatu has a full recap of the proceedings.