Brian Phelps
(Government of the Republic of Nauru) — Following legislation passed by Nauru’s parliament last month to establish an authority to regulate virtual assets including cryptocurrency, the government has appointed highly respected Australian banking and financial markets executive Brian Phelps as its inaugural CEO.
In announcing the appointment, President of Nauru David Adeang said Phelps’ vast experience will ensure the Command Ridge Virtual Asset Authority or CRVAA will have a foundation of integrity and impact, champion innovation, and promote Nauru as a trusted digital jurisdiction.
He reinforced the government’s goal of attracting businesses that bring investment, job creation, and financial innovation to the nation.
“We must be innovative in our quest for economic resilience and a higher standard of living for our people, while prioritizing international best practices and the highest levels of governance and compliance,” Adeang said.
“This ensures investors and foreign platforms can have great trust in Nauru.”
Phelps has worked extensively with regulators, industry bodies and government, and served for 21 years as general manager, broking and markets at CommSec, Australia’s largest online stockbroking firm and subsidiary of the Commonwealth Bank.
He has also been a committee member of the Australian Financial Markets Association.
The CRVAA will provide a licensing scheme to allow virtual asset service providers to register and offer their services using Nauru as a base.
It is tasked with ensuring cybersecurity standards, monitoring financial transactions and enforcing compliance with international anti-money laundering and financial transparency protocols.
Phelps said he was attracted to the role because the regulatory authority would be transformational to Nauru.
“This can reshape and strengthen Nauru’s economy over the long term, and create sustainability for future generations of Nauruans,” he said.
He said the benefits to Nauru will go far beyond cryptocurrency and virtual assets.
“I see us attracting international companies to invest in Nauru and opening up new employment pathways as Nauruans build new skill sets. It’s a very exciting initiative,” he added.
Phelps said the opportunities were endless and include potentially transforming Nauru into a hub for AI and other leading technology.
