- The Bahamas plans to enhance its cryptocurrency laws, in keeping with a session paper.
- The Bahamas’ new account, which incorporates stablecoins, mining and staking, might be among the finest on the earth, says SCB’s chief government.
- New laws obliges digital asset trade operators to make sure ample programs and controls.
A session paper was launched on Tuesday that claims the Bahamas is seeking to tighten its cryptocurrency laws following the FTX debacle. The cryptocurrency trade was first based mostly within the Caribbean nation.
Christina Rolle, government director of the Securities Fee of The Bahamas (SCB), mentioned the brand new invoice, which incorporates stablecoins, proof-of-work mining and staking of cryptocurrencies, may turn into one of many world’s most superior digital devices. property laws.
in 2020 The Bahamas had already handed the Digital Property and Registered Exchanges Act (DARE). It was additionally dwelling to Sam Bankman-Fried and his cryptocurrency trade FTX, which collapsed in 2022. in November.
After the collapse of FTX, Sam Bankman-Fried was accused of misusing company funds to purchase luxurious villas. America Division of Justice charged him with fraud, to which he pleaded not responsible.
In the meantime, FTX’s new administration has criticized poor administration throughout his tenure and is at the moment embroiled in a prolonged authorized battle with the Bahamas over jurisdiction.
The session paper additionally acknowledged that the brand new laws requires digital asset trade operators to make sure that the programs and controls used of their operations are enough and applicable for the dimensions and nature of their enterprise.
As well as, the brand new laws will introduce a complete regulatory framework for stablecoins with the intention of tying their worth to different belongings comparable to fiat foreign money. This follows the numerous collapse of TerraUSD final yr. The system can even embrace different cryptocurrency-related companies. As well as, the brand new laws will introduce a complete regulatory framework for stablecoins with the intention of tying their worth to different belongings comparable to fiat foreign money.
This follows the numerous collapse of terraUSD final yr. The system can even embrace different companies associated to cryptocurrency, together with recommendation, derivatives and investing in cryptocurrencies, in addition to NFTs, that are labeled as monetary belongings.ng recommendation, derivatives and investing in cryptocurrency, in addition to NFTs, that are labeled as monetary belongings. .
