Vanuatu has become the latest country with a proper legal framework for cryptocurrencies, as its Parliament last week passed the Virtual Asset Service Provider (VASP) Act. Now, virtual assets are defined in the country as “digital representations of value that may be traded and function as a medium of exchange, a unit of account, or a store of value.” However, the legislation does not cover digital representations of fiat currencies, securities, and national digital currencies, including central bank digital currencies (CBDCs). The announcement further highlighted that despite the regulations, cryptocurrencies are ... (full story)