In the watchdog series, we provide our readers with direct insights from the regulators that shape the retail trading industry. After an in-depth interview with the Chair of CySEC (who spoke about investors’ responsibility and AI integration), and an exclusive comment from the FCA about the consumer duty deadline, today we bring you Nicolas Ritoux, the Communications Officer at the Vanuatu Financial Services Commission. His article sheds light on why and how the quintessential offshore jurisdiction wants to draw in brokers to the Island.
In a recent symposium hosted by the Vanuatu Financial Services Commission (VFSC), the nation’s budding fintech industry took center stage as a strategic sector with immense potential for the country’s economic growth. The “Virtual Assets: Navigating the Legal Framework” event shed light on Vanuatu’s efforts to embrace the world of virtual assets and cryptocurrencies.
As the regulatory landscape undergoes significant changes, industry experts, licensees, regulators, and politicians come together to discuss the challenges and opportunities that lie ahead. Among the key players in this rapidly evolving space are licensees, such as Deriv, TMGM, Axi, and Titan FX that shared valuable insight on their experiences with the new regulatory regime.
WATCH live stream today on the Vanuatu Financial Services Commission’s FB page of their Virtual Symposium “Navigating the Legal Framework”. Including guest speaker 9.10am (Van time) Loretta Joseph (Chair IDAEA) on Vanuatu’s Virtual Assets Legal Framework Update #DigitalEconomy pic.twitter.com/uSHaXAcy26
— Lisa Macalister (@SavvyVanuatu) June 21, 2023
The Road to Virtual Asset Regulation
Vanuatu was regarded as an offshore jurisdiction for many years, with hundreds of brokers registered on the island. However, the regulator on the island made its regulations around the financial services industry strict with a mandated physical presence, bringing down the number of registered brokers to only around 60.
Nicolas Ritoux, Communications Officer at Vanuatu Financial Services Commission
The island nation’s journey into the world of virtual assets began 18 months ago when the amended Financial Dealers Licensing Act paved the way for trading digital assets. This groundbreaking move opened up opportunities for forex and…
