This is general info about crypto regulation in the Federated States of Micronesia. A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com
The Federated States of Micronesia is a country spread across the western Pacific Ocean comprising more than 600 islands. Micronesia is made up of 4 island states: Pohnpei, Kosrae, Chuuk, and Yap. This country has a population of 104,000 people and an area of 702 km2.
The FSM adopted its constitution and became an independent country in 1979; it entered into a Compact of Free Association with the United States in 1986 and became a member of the United Nations in 1991. The first financial package of the Compact covered 15 years, from 1986 to 2001 according to the US Department of Interior (1).
Citizens of the RMI or FSM are not citizens or nationals of the United States. Citizens of the FSM and RMI by birth and those citizens of the former TTPI who acquired FSM or RMI citizenship in 1986 are entitled under the Compacts to travel and apply for admission to the United States as nonimmigrants without visas based on Wikipedia (2).
All visitors arriving in the Federated States of Micronesia must have a valid passport or other travel document issued by the government of the country of citizenship or nationality. The document must be valid for at least 120 days beyond the date of entry according to Wikipedia (3).
It is quite difficult for a foreigner to obtain Micronesian citizenship. To do this, the president himself must issue a decree allowing a citizen of another country to become a citizen of the FSM. However, a newly minted citizen of Micronesia must renounce his previous citizenship within 3 years, according to Wikipedia (4).