Vanuatu supports the development of offshore banks that provide a variety of banking services to non-residents. Vanuatu offshore banking has drawn people and corporations seeking tax advantages, confidentiality, and asset protection.
Vanuatu has expressed interest in digital assets including cryptocurrency. The Vanuatu Financial Services Commission implemented the “Virtual Asset Service Provider Act” (VASP Act) in 2018, which provided criteria for the registration and regulation of virtual asset service providers. The goal of this framework was to improve consumer protection and reduce the dangers associated with digital assets and cryptocurrencies.
Vanuatu is an island country located in the South Pacific Ocean. The archipelago is located around 1,750 kilometres east of Australia, 500 kilometres north of New Caledonia, west of Fiji, and south of the Solomon Islands. Vanuatu is about 2.5 hours by plane north of Brisbane and 3.5 hours by plane from Sydney, Australia.
According to Worldometer’s elaboration of the most recent United Nations data, the current population of Vanuatu is 327,684 as of Monday, May 15, 2023.
Bislama is the primary language spoken by the majority of Vanuatuans. In Vanuatu, nearly a hundred different languages from the Oceanic subgroup of the wider Austronesian family are spoken, although almost everyone also speaks Bislama as a second language.
The Vanuatu Parliament is the major legislative body today, however pre-independence French and British statutes, English common law principles, and indigenous custom all have some constitutional and judicial status.
The VASP Act establishes a regulatory framework for virtual asset service providers, offering clarity and legal stability to enterprises in the crypto industry. This framework aids in the establishment of regulations and standards for cryptocurrency-related activity in Vanuatu.
Obtaining a crypto licence in Vanuatu can help your crypto-related firm gain legitimacy and trust. It communicates to prospective clients and investors that you operate in a regulated environment and are committed to compliance and consumer protection measures.
By acquiring a crypto licence in Vanuatu, you demonstrate your readiness to follow regulatory standards and industry best practises. This can assist build confidence with customers and counterparties since they can be certain that your activities are transparent and compliant.
Having a crypto licence in Vanuatu may give you better access to banking services. Some financial institutions may be more likely to form ties with licenced cryptocurrency businesses, allowing for simpler transactional operations, such as fiat money conversions.
A Vanuatu crypto licence may assist attract potential investors who value regulatory monitoring and compliance. A licence can reassure investors that your operations satisfy specific requirements and that their investments are, to some extent, safeguarded.
Vanuatu is well-known for its welcoming business environment and worldwide financial services sector. Having a crypto licence in Vanuatu may allow you to extend your crypto-related firm abroad, especially given Vanuatu’s offshore company formation and banking services.
|License:||Financial Dealers License|
|Timeframe for Approval:||3 months|
|Regulator:||Vanuatu Financial Services Commission|
|Local Director:||At least one director|
|Local Shareholder:||At least one shareholder|
|Local Registered Office:||Required|
|Corporate Tax Rate:||0%|
|Currency:||Vanuatu Vatu (VUV)|
|Tax Structure:||0% Tax on Offshore Profits|
|Min. Paid-up Capital:||None|
|Capital Requirement:||Approx. $40,000|
|Gov. App Fee:||USD2,000|
(including but not limited to directors, shareholders and beneficial owners)