#XSuperApp 🏝 Nauru Creates Virtual Asset Regulator

The Pacific nation of Nauru has passed a law to establish a regulatory body for virtual assets, covering cryptocurrencies, digital banks, and Web3 innovations. The country aims to become a hub for digital assets.

The bill provides for the creation of the Command Ridge Virtual Asset Authority (CRVAA), which will be responsible for licensing crypto companies.

The document defines cryptocurrencies as goods, rather than securities, and payment tokens are not considered investment contracts.

#ETH