Marshall Islands and Cryptocurrency
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
The Marshall Islands has enacted legislation authorizing the launching of its own national cryptocurrency to serve as legal tender for citizens and businesses on the island. The currency will be known as the sovereign, or SOV, and will serve as “legal tender of the Marshall Islands for all debts, public charges, taxes, and dues.” It will circulate as legal tender in addition to the US dollar. The SOV will be introduced in a forthcoming initial currency offering (ICO), after which residents of the Marshall Islands will be provided with the means to hold, save, and conduct transactions with the SOV, and merchants in the Marshall Islands will be given access to a computer application that will enable them to receive payments made with the SOV. The Minister of Finance will appoint a person or corporation to conduct the ICO. News reports indicate a financial technology company named Neema, which spearheaded the initiative, is likely to be awarded the contract to conduct the ICO.
Marshall Islands Cryptocurrency and Blockchain Attorneys
Is cryptocurrency legal in the Marshall Islands?
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 Declaration and Issuance of the Sovereign Currency Act, Pub. L. 2018-53 (2018), https://rmiparliament.org/cms/ library/category/37-2018.html?download=410:p-l-2018-53-declaration-and-issuance-of-the-sovereign-currency-act,-2018, archived athttps://perma.cc/53A9-B8S7.
 Id. §§ 103(a), 104(1).
 Id. § 104(2).
 Id. §§ 104(4), 105(5).
 Id. § 109.
 Jonathan Keane, Inside the Marshall Islands’ Plans to Launch Its Own Legal Tender Cryptocurrency, The Next Web (Apr. 23, 2018), https://thenextweb.com/hardfork/2018/04/23/marshall-islands-cryptocurrency/, archived at https://perma.cc/3N52-H4C9.