According to online reports, the Pacific island nation of Nauru has passed legislation to establish a special virtual asset regulatory agency covering the fields of cryptocurrency, digital banking and Web3 innovation, aiming to become a cryptocurrency center. The bill establishes the Command Ridge Virtual Asset Administration (CRVAA), which oversees the registration and service licensing of cryptocurrency companies. Under the bill, cryptocurrencies are defined as commodities rather than securities, and payment tokens are excluded from investment contracts. CRVAA will regulate decentralized financial services such as cryptocurrency exchange operations, initial token offerings, non-homogeneous tokens, lending, pledges, and revenue farms, as well as stablecoin issuance, cross-border payment solutions and digital banking.