Nauru to Establish Virtual Asset Management Authority, Aiming to Become Cryptocurrency Hub in the Pacific Region

BlockBeats News, June 19th, According to financefeeds report, the Republic of Nauru has passed legislation to establish a dedicated regulatory body for digital assets, marking a significant step in the Pacific region's embrace of Web3 and virtual finance. The new body is named the Command Ridge Virtual Asset Authority (CRVAA) and will be responsible for overseeing virtual asset service providers, empowering the island nation to become a hub for digital asset activities.

The CRVAA will operate as an autonomous body, managing licensing, supervision, and compliance matters related to digital banking, token issuance, crypto exchanges, wallets, and decentralized finance platforms.

Note: Command Ridge is the name of the highest peak in Nauru and is also a geographic landmark of the country.