The Pacific island nation of Nauru enacts law to establish crypto regulator

The Pacific island nation of Nauru has enacted a new law establishing a virtual asset regulator focused on crypto, digital banking and Web3 development, according to Cointelegraph. Named the Command Ridge Virtual Asset Authority (CRVAA), the agency will oversee a licensing regime for crypto companies looking to operate from within Nauru. Under this legislation, cryptocurrencies are categorized as commodities rather than securities and payment tokens are explicitly excluded from the definition of investment contracts.