The Pacific island nation of Nauru will establish a Crypto Assets regulatory authority through relevant legislation.

According to Deep Tide TechFlow news on June 19, Cointelegraph reported that the Pacific Island nation of Nauru has established a dedicated regulatory agency for virtual assets through legislation, covering Crypto Assets, Digital Bank, and Web3 innovations, aiming to become a Crypto Assets hub.

The bill establishes the "Command Ridge Virtual Asset Management Bureau" ( CRVAA ), responsible for regulating the registration and service licensing of crypto assets enterprises. According to the bill, crypto assets are defined as commodities rather than securities, and payment tokens are excluded from investment contracts.

CRVAA will regulate the operation of Crypto Assets exchanges, initial token offerings, non-fungible tokens, lending, staking, yield farming, and other decentralized financial services, as well as stablecoin issuance, cross-border payment solutions, and Digital Bank.

Nauru's President David Adeang stated that the country hopes to become a leader in digital assets in the Oceania region through regulation and to diversify income sources using virtual assets to enhance economic resilience.