Public Notice (Updated)
UPDATE 5th March: As a result of legal action commenced by Satoshi island the VFSC has consented to remove the offending statement. For full details see below…
A Great Day To Be Decentralized
VFSC removes false statement about Satoshi Island.
THE BELOW ARTICLE IS NO LONGER RELEVANT BUT REMAINS PUBLISHED AS A RECORD
We want to make the community aware of an ongoing situation that we are currently addressing.
During the years spent preparing the Satoshi Island project, we engaged with the Vanuatu Ministry Of Finance and did all due diligence necessary to ensure that the project conformed with Vanuatu rules and regulations. Through this engagement, we received an official letter from the Minister Of Finance who is fully aware of the project and in support of it.
Unfortunately the VFSC -Vanuatu Financial Services Commission, has issued a public statement claiming that we are in violation of their rules. This statement was apparently made without first speaking to Satoshi Island to clarify exactly what our company does and as such does not accurately describe the operational aspects of the project that are supported by the Minister in his letter shown above. The statement claims that our Vanuatu entity is setting up an exchange to trade in digital assets without a license which is of course is not an accurate representation of the project and as such we do not believe that we are in violation of their regulations.
Ensuring Satoshi Island operates within the laws of Vanuatu is of the utmost importance for the project and we have already confirmed this to be the case. We are currently in the process of setting up a meeting with the Minister Of Finance to seek his assistance in rectifying the false claims made the VFSC and will keep the community updated with the progress.
We hope to receive a retraction of the statement once the VFSC has a better understanding of how our project operates.