Nauru has established a dedicated regulatory agency for virtual assets through legislation.

[Nauru establishes a dedicated virtual asset regulatory agency through legislation] The Pacific island nation of Nauru has passed legislation to establish a dedicated virtual asset regulatory agency, covering Crypto Assets, Digital Bank, and Web3 innovation, with the aim of becoming a Crypto Assets hub. The bill establishes the “Command Ridge Virtual Asset Management Bureau” (CRVAA), responsible for overseeing the registration and service licensing of crypto assets businesses. 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.