July 29, 2021, | AtoZ Markets-The Pacific island nation has decided to officially enter at the global digital asset market.
A digital asset is an intangible asset in digital form stored in a distributed accounting technology, such as blockchain. Also, represents a set of rights or valuesAccording to Vanuatu’s official entities.
On last May 25, Vanuatu boosted the future of financial services by becoming the latest jurisdiction to insert the words “digital asset” into its legislation.
Currently, the amendment voted by Parliament in the Financial Dealers Licensing Act now authorizes the “service of distribution, secondary trading, custodial storage, provision of investment advice or other services in relation to digital assets.”
“This is a huge opportunity for our industry and it comes just at the right time for us to take the lead on the world stage, before other jurisdictions make their move”, said Martin St-Hilaire, president of the FMA.
The recent amendment is the direct result of that task force, in collaboration with the Reserve Bank of Vanuatu, the Vanuatu Chamber of Commerce and Industry, the Financial Investigation Unit, and the State Law Office.
Vanuatu Was Not Always Happy with Digital Assets
In our opinion, digital assets and their regulation have always been a difficult topic around the world. It is for this reason that all regulators are always on the hunt for scams and unauthorized companies.
In 2018, the Vanuatu Financial Services Commission urged caution by suspending the licensing of blockchain and cryptocurrency transactions.
However, the Financial Markets Association (FMA) of Vanuatu was formed in 2020 by executives from six licensed trust and company service providers. As of today it has 12 members, all of whom are FDL holders that typically offer online trading services to foreign consumers.
What Changes Are Being Made
The amendment contains important changes:
- A requirement that all FDL holders have a physical presence in the archipelago.
- From present on, foreign licenses must establish an actual office in Vanuatu with a manager residing here 6 months each year.
- If the above is not complied, the company must hire an authorized manager to assume its responsibilities to the authorities.
Vanuatu Is a Good Place to Invest
Vanuatu is one of the most wild and incredible places on Earth. It is an archipelago of 83 islands in the Pacific Ocean, near Australia. It is a wonderful place not only for its beautiful nature, but also for being an excellent place for investors.
For business people from all over the world, Vanuatu has tax advantages and is also a highly developed financial center. This situation will allow you to reduce your tax burden and accumulate profits.
In addition, you will be able to open a bank account or register an offshore company.
Big Brokers in Vanuatu
Currently there are large brokers regulated in the Republic of Vanuatu. One of them is ACY Securities.
With trading conditions that are second to none, full suite of resources, and a choice of over 1600 instruments to diversify your portfolio, ACY is a good broker. For more information about this broker, please visit our Forex Broker Reviews
At AtoZ Markets we are always researching the best places to invest your money.
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