Pacific nation Nauru passes law to establish a crypto regulator
The brother of former FTX CEO Sam Bankman-Fried once plotted to buy Nauru and build a doomsday bunker using funds from the now-defunct crypto exchange.
The tiny Pacific nation of Nauru has passed legislation to establish a dedicated virtual asset regulatory authority covering crypto, digital banking and Web3 innovation, aiming to become a crypto hub.
Nauru is a western Pacific Island sovereign state in Micronesia, northeast of Australia, with an estimated area of 21 square kilometers and a population of roughly 12,500 people. It’s the third-smallest country in the world and the world’s smallest island nation.
The bill legislates the Command Ridge Virtual Asset Authority (CRVAA), which will be tasked with overseeing a licensing scheme for crypto firms to register and offer their services using Nauru as a base, Nauru’s government said in a statement on Tuesday.