Nauru, a small Pacific island nation, has enacted a law to create a regulatory body for virtual assets, including cryptocurrency, digital banking, and Web3 innovations, with the goal of becoming a crypto hub. The Command Ridge Virtual Asset Authority (CRVAA) will manage a licensing system for crypto businesses wishing to operate from Nauru. Under this new legislation, cryptocurrencies are classified as commodities, and payment tokens are not considered investment contracts. The CRVAA will regulate various crypto activities, including exchanges, initial coin offerings, and decentralized finance services, as well as oversee stablecoin issuance and digital banks. President David Adeang expressed that this regulation aims to position Nauru as a leader in digital assets within Oceania, enhancing economic resilience amid vulnerabilities. Previously, while crypto trading was permitted, there were no specific regulations in place. Adeang emphasized that this initiative seeks to diversify revenue and attract new financial investments into the country. Read more AI-generated news on: https://app.chaingpt.org/news