Vanuatu is set to implement a long-awaited digital asset and service provider bill in September. The Vanuatu Financial Services Commission (VFSC) Commissioner announced during a digital assets symposium that the bill is expected to pass in the first week of Parliament. The legislation, delayed due to cabinet changes, aims to regulate virtual asset service providers (VASPs) in line with FATF standards. The bill will introduce licensing requirements for VASPs, ensuring compliance with Anti-Money Laundering laws. The VFSC will oversee VASPs' activities and have the authority to veto licenses. Additionally, a 'Fintech Sandbox Utility' will allow companies to operate for 12 months without a license. Failure to comply may result in fines or imprisonment. The bill is seen as a step towards establishing Vanuatu as an international financial center, boosting economic growth in the region. Read more AI-generated news on: https://app.chaingpt.org/news