<p><img src="https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=840/https://s3.cointelegraph.com/uploads/2023-07/f6d4dbaa-0449-41fc-96d7-b8963b1ba681.jpg"></p><p>The purpose of the legislation is to establish a framework for licensing and regulating virtual asset service providers.</p>