During a recent summit in Malta Vanuatu Minister of Foreign Affairs Ralph Regenvanu was able to meet with the Maltese Prime Minister, Dr. Joseph Muscat, and request that Malta share their legislation and experience concerning blockchain with Vanuatu.
Muscat, who had previously given a speech at the summit advocating for the national use of blockchain and global solutions to global issues, was reportedly “very gracious in immediately offering the Vanuatu government all the assistance it is going to need.”
This comes after an event in late September, in which Vanuatu state regulators suspended the issuance of Financial Dealers Licenses (FDL) to the country’s blockchain related businesses. This was due to a public warning issued by the Reserve Bank of Vanuatu (RBV) claiming that crypto transactions undermined their anti-money laundering and counter-terrorist financing obligations. As such, the RBV recommended that all institutions and citizens “refrain from involving themselves in cryptocurrency business with immediate effect.”
Malta, on the other hand, maintains a progressive stance on the matter. It is the only country in the world with a proper legal framework on distributed ledger technologies (DLT) and blockchain. Its own government has dubbed Malta as the “blockchain island”.
Regenvanu expressed to the Maltese Prime Minister the desire to bring blockchain, DLT and Initial Coin Offerings (ICOs) in Vanuatu under regulations and frameworks which could be accepted internationally. He also recommended the establishment of a “Commonwealth of Blockchain Islands”, so as to standardize the regulation of blockchain and cryptocurrencies amongst several countries. Muscat reportedly welcomed this idea. Regenvanu has plans to initiate this concept in his meeting with the Commonwealth Secretariat in London, later this week.
Regenvanu also met with the Pro-Rector of the University of Malta to discuss the provision of training to Ni-Vanuatu students and state regulators about these new blockchain related technologies.
Keeping up his stride, the Vanuatu Minister also met with the CEO of the Malta Financial Services Authority, Joseph Cuschieri. Cuschieri has agreed to provide technical assistance to not only blockchain technology regulation, but also with Vanuatu’s financial supervision.
Several companies are showing interest in locating their business’ within Vanuatu, so long as an internationally accepted regime regarding blockchain and cryptocurrency is installed. Among the interested parties is Revolut, a digital mobile banking company, as well as other digital exchange firms.
This potentially marks the very first foundations of a global national economy involving the regulated use of cryptocurrency and blockchain technology.