Vanuatu is a Pacific island nation. It is aiming to build legislation regarding blockchain and sought assistance to do so.

To form legislation for blockchain Vanuatu’s Minister of Foreign Affairs, Ralph Regenvanu asked for help from the government of Malta, upon instructions from the Council of Ministers.

In the presence of Maltese Prime Minister Dr. Joseph Muscat, and Parliamentary Secretary Silvio Schembri in a meeting, Regenvanu marked the significant role of embracing appropriate regulatory frameworks for the blockchain industry and Initial Coin Offerings (ICOs).

In the middle of September, the Reserve Bank of Vanuatu (RBV) alerted public by issuing a warning. The warning claimed that digital currencies are “not recognized as legal tender in Vanuatu and are not issued or regulated by the bank,” Reportedly.

The statement by Reserve Bank of Vanuatu (RBV) eventually caused concerns among local authorities. Also, postponing the issuance of Financial Dealers Licenses (FDL) regarding crypto and blockchain until an apt regulation is applied.

On this, Maltese authorities “immediately” answered to Regenvanu’s request. Malta provided assistance to the Vanuatu Government in creating proper legislation for the blockchain domain.

Here, Regenvanu recommended forming a “Commonwealth of Blockchain Islands” for building blockchain regulatory standards. Amid this, Muscat “warmly welcomed the Minister’s recommendation.”

Maltese financial authorities are keen to assist in Vanuatu’s financial administration. Also, they are offering to both Ni-Vanuatu students and state regulators. In blockchain regulation, Vanuatu is receiving general technical assistance from Malta.

In addition to that, In October 2017, the Vanuatu government declared that the country accepts Bitcoin (BTC) in terms of payments for its citizenship program. It requires a one-time payment of $200,000, or approx 30 bitcoins as of press time.

Initially, in last July, Maltese Parliament passed three bills that include a defined regulatory framework and legal environment regarding the crypto and blockchain industries.

With that, Muscat stated that crypto is the “inevitable future of money,” wherein blockchain is capable of creating a more transparent and fair society.

Malta has increased knowledge and understanding about cryptocurrency industry. Because of the high level of blockchain industry development, the country has become a famous spot for crypto-related businesses, which has attracted major crypto exchanges such as Binance, OKex, and BitPay.