Following the passage of recent laws to regulate virtual assets, including cryptocurrencies, the Nauru government has appointed Australian bank and financial market executive Brian Phelps as the first CEO of Command Ridge Virtual Asset Authority (CRVAA).
President David Adian highlighted his leadership establishing the foundation for integrity and innovation for the authorities, and highlighted Phelps’ extensive experience in the industry. CRVAA aims to attract businesses to Naur by providing licensing schemes to virtual asset service providers, ensuring compliance with international standards and promoting cybersecurity. Phelps, who previously served as general manager at Commsec, Australia’s largest online equity brokerage company and worked closely with regulators, expressed his enthusiasm for the role, saying it could change the economy of Nauru and create sustainable employment opportunities. He envisions the initiative not only benefits the cryptocurrency sector, but also positions Nauru as a hub for advanced technologies, including artificial intelligence.
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