Nauru will establish a Virtual Asset Management Authority and strive to become a cryptocurrency hub in the Pacific region

BlockBeats reported on June 19th that the Republic of Nauru has passed legislation to establish a specialized regulatory agency for digital assets, which is an important step for the Pacific region to embrace Web3 and virtual finance. The new organization, named Command Ridge Virtual Asset Management Authority (CRVAA), will be responsible for regulating virtual asset service providers and assisting the island nation in building a center for digital asset activities. CRVAA will serve as an autonomous institution to manage licensing, supervision, and compliance matters related to digital banking, token issuance, encrypted trading platforms, wallets, and decentralized financial platforms. Note: Command Ridge is the name of Nauru's highest peak and also a geographical indication of the island nation.