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Vanuatu, a nation with an estimated 3.25 lakh population, has joined the list of progressive nations by finalizing its crypto regulations and licensing framework; it is worth noting that the parliament of this nation has passed the Virtual Assets Service Provider Act, which will help agencies to issue a license and regulate crypto-related activities.
The passed bill might issue the license to the crypto exchange, custody service provider, and NFT marketplace. After this development, banks are now permitted to offer crypto-related services after getting regulators’ licenses.
Vanuatu to establish a Sandbox ecosystem for crypto
After this bill, the Commissioner of the Futures Services Commission is expected to sign an order for the development of the Sandbox environment, which is an experimental ecosystem allowing companies to function in a test regulatory environment where there is a hope of issuance of the permanent license or the extension of the temporary license.
Available information notes that there are no taxes on crypto gains and trading in Vanuatu, and the citizenship fees in Bitcoin are also expected.
Over the past few years, underdeveloped nations have shown their central inclination towards crypto, and several of them have already identified it as a legal tender.
It is worth noting that South African nations remain at the top of recognizing crypto as an investment product. Yet, Asia stands at the top of the list in terms of adoption, with India leading the charge for two consecutive years.
Why is the crypto market up today?
As of writing, the crypto market cap is up by 2.61% at $2.72 trillion, and the trading volume is $77.09 billion, which grew 24.54%, while the crypto fear and greed index is at 24, indicating fear in the market sentiment.
Bitcoin is currently exchanging hands at $84,029 with a growth of 2.49% but, at the same time, below its 20, 50, 100, and 200 exponential moving average.
On the other hand, Ethereum is up by 2.81% but still below the mark of $2,000 at $1,878, down by 9.55% in the past 7 days.
According to data from CoinMarketCap, the intraday gainer’s list has been ruled by Curve DAO, EOS, Berachain, Hyperliquid, Sonic, Sui, and Render.
At the same time, the losers of the list are DeXe, Jupiter, Story, Four, Kucoin, Celestia, and Pancakeswap.
When writing, the memecoins’ capitalization was $48.09 billion, and the trading volume was $5.11 billion, which is down by 40% in the monthly time frame.
In terms of market capitalization, Dogecoin stands at the top with 4.58% dominance, and Official Trump holds a 1.34% market cap.
