Karae has been re-elected as Commissioner of Vanuatu's Financial Services Commission until 2029.
Under his leadership, Vanuatu is introducing new cryptocurrency regulations and seeking IOSCO membership.
Located on
83 islands, the tiny nation of Vanuatu was mainly associated with being a regulatory and tax haven in the world of finance until recently. Over the
past five years, the current Commissioner of the local Financial Services
Commission (VFSC), Branan Karae, has been working to change this perception.
The trust
he gained during his first term led to re-election, lasting until 2029. This
comes at a time when the country, which has existed for less than 50 years, is
introducing new cryptocurrency regulations and seeking membership in the
International Organization of Securities Commissions (IOSCO) to enhance its
reputation even further.
Karae Re-elected as VFSC
Commissioner
According
to the VFSC's decision on August 27, 2024, Branan Karae was appointed
Commissioner of the institution for another term. When he began his journey
with the Commission in 2019, Vanuatu was known in the financial and CFD
industry for its very low set-up costs and lax regulations.
On the one
hand, this allowed the country to attract over 130 new brokers in just one
year; on the other, it became a potential haven for unscrupulous activities. At
one point, Australia's ASIC warned its citizens about financial firms from
Vanuatu and the Marshall Islands, advising them not to do business with them.
According
to Martin St-Hilaire, one of the VFSC members, this would not have been
possible without the work done by Karae.
“Under
his leadership, the VFSC has garnered praise across the board—from government
and opposition alike, the private sector, international agencies, peers in
similar institutions, and his dedicated colleagues and staff at VFSC,”
St-Hilaire commented.
By making
these moves, Vanuatu was trying to become the new Cyprus, which was initially
also considered an exotic and offshore location but is now one of the world's
centers for retail and CFD trading.
Plans for the Second Term
The next
five-year term, lasting until 2029, will allow Karae to continue the work started in recent months. In the coming weeks, Vanuatu plans to launch cryptocurrency
legislation, which was officially announced during a digital assets symposium
organized by the country's financial regulator on June 27.
The new
regulations will establish licensing and registration requirements for virtual
asset service providers (VASPs), allowing them to operate legally in the
country. The proposed law includes five classes of licenses, covering service
providers who exchange virtual assets and fiat currencies, as well as those
offering cryptocurrency custody, among other services.
“The
VFSC stands as one of Vanuatu's exemplary institutions, fostering a
business-friendly environment that prioritizes transparency and security,
crucial for the private sector's growth,” added St-Hilaire. “As we
look to the future, it's essential for VFSC to continue leading with innovation
and a commitment to excellence, setting the standard for financial services in
Vanuatu and beyond.”
However,
these are not all the developments that VFSC is working on. The Commission is
currently applying to join IOSCO, which would significantly enhance its
reputation.
Karae and
his team needed five years to transform Vanuatu from a regulatory haven for
brokers into an increasingly respected place on the map of global finance, CFD,
and soon crypto. The question now is, what will the next term bring?
Located on
83 islands, the tiny nation of Vanuatu was mainly associated with being a regulatory and tax haven in the world of finance until recently. Over the
past five years, the current Commissioner of the local Financial Services
Commission (VFSC), Branan Karae, has been working to change this perception.
The trust
he gained during his first term led to re-election, lasting until 2029. This
comes at a time when the country, which has existed for less than 50 years, is
introducing new cryptocurrency regulations and seeking membership in the
International Organization of Securities Commissions (IOSCO) to enhance its
reputation even further.
Karae Re-elected as VFSC
Commissioner
According
to the VFSC's decision on August 27, 2024, Branan Karae was appointed
Commissioner of the institution for another term. When he began his journey
with the Commission in 2019, Vanuatu was known in the financial and CFD
industry for its very low set-up costs and lax regulations.
On the one
hand, this allowed the country to attract over 130 new brokers in just one
year; on the other, it became a potential haven for unscrupulous activities. At
one point, Australia's ASIC warned its citizens about financial firms from
Vanuatu and the Marshall Islands, advising them not to do business with them.
According
to Martin St-Hilaire, one of the VFSC members, this would not have been
possible without the work done by Karae.
“Under
his leadership, the VFSC has garnered praise across the board—from government
and opposition alike, the private sector, international agencies, peers in
similar institutions, and his dedicated colleagues and staff at VFSC,”
St-Hilaire commented.
By making
these moves, Vanuatu was trying to become the new Cyprus, which was initially
also considered an exotic and offshore location but is now one of the world's
centers for retail and CFD trading.
Plans for the Second Term
The next
five-year term, lasting until 2029, will allow Karae to continue the work started in recent months. In the coming weeks, Vanuatu plans to launch cryptocurrency
legislation, which was officially announced during a digital assets symposium
organized by the country's financial regulator on June 27.
The new
regulations will establish licensing and registration requirements for virtual
asset service providers (VASPs), allowing them to operate legally in the
country. The proposed law includes five classes of licenses, covering service
providers who exchange virtual assets and fiat currencies, as well as those
offering cryptocurrency custody, among other services.
“The
VFSC stands as one of Vanuatu's exemplary institutions, fostering a
business-friendly environment that prioritizes transparency and security,
crucial for the private sector's growth,” added St-Hilaire. “As we
look to the future, it's essential for VFSC to continue leading with innovation
and a commitment to excellence, setting the standard for financial services in
Vanuatu and beyond.”
However,
these are not all the developments that VFSC is working on. The Commission is
currently applying to join IOSCO, which would significantly enhance its
reputation.
Karae and
his team needed five years to transform Vanuatu from a regulatory haven for
brokers into an increasingly respected place on the map of global finance, CFD,
and soon crypto. The question now is, what will the next term bring?
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
🎬 Watch, share, and join the conversation!
Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing.
Stay tuned for more events. See you next time!
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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