Nauru has enacted the Command Ridge Virtual Asset Authority (CRVAA) to regulate virtual assets, striving to position the nation as a crypto hub. This body will oversee licensing for crypto businesses and digital banking operations, alongside various decentralized finance activities.
Under the new legislation, cryptocurrencies are categorized as commodities distinct from securities. The CRVAA will also regulate activities related to stablecoins, exchanges, ICOs, and NFTs, with the goal of enhancing economic resilience and generating revenue.
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