President David Adeang highlighted Phelps’ extensive experience in the industry, emphasizing that his leadership will establish a foundation of integrity and innovation for the authority. The CRVAA aims to attract businesses to Nauru by providing a licensing scheme for virtual asset service providers, ensuring compliance with international standards, and promoting cybersecurity. Phelps, who previously served as General Manager at Australia’s largest online stockbroking firm Commsec and has worked closely with regulators, expressed enthusiasm for the role, stating it could transform Nauru’s economy and create sustainable job opportunities. He envisions the initiative not only benefiting the cryptocurrency sector but also positioning Nauru as a hub for advanced technologies, including artificial intelligence.

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