2 years ago
After the FTX ungraded focused the planetary spotlight connected it, the Securities Commission of The Bahamas completes its regulator overhaul.
Own this portion of past
Collect this nonfiction arsenic an NFT
The Securities Commission of The Bahamas (SCB) published a draught of the Digital Assets and Registered Exchanges (DARE) Bill 2023 connected April 25. The sweeping measure volition acquisition a consultation play with the extremity of enacting it by the extremity of the quarter.
The 2023 measure updates the DARE Act of 2020. Work connected the measure began successful April 2022, with the Hogan Lovells instrumentality steadfast engaged to draught it. SCB Executive Director Christina Rolle said:
“Once passed, DARE 2023 volition beryllium among the astir precocious pieces of integer asset-legislation successful the satellite and volition align with The Bahamas’ committedness to facilitating improvement and innovation successful a well-regulated environment.”Among different things, the measure expands the scope of regulated concern activities to see integer plus advising and management, derivative services, node services and staking. It sets requirements for exchanges’ systems and controls and regulates custodial wallets and archetypal token offerings.
The Securities Commission of The Bahamas has issued the Digital Assets and Registered Exchanges Bill, 2023 for nationalist consultation. The consultation play ends Wednesday 31 May. Information whitethorn beryllium recovered connected the Commissions website present >> https://t.co/EvgzMc1OFU pic.twitter.com/AVnhiClhSl
— Securities Commission of The Bahamas (@SCBgov_bs) April 26, 2023The measure besides provides a “first-of-its-kind” disclosure authorities for integer plus staking. Terms of the lawsuit agreement, details of the staking protocol, the assets being staked, the rewards oregon penalties a idiosyncratic mightiness gain and the method for selecting staking participants indispensable each beryllium disclosed.
The measure bans the issuance of algorithmic stablecoins and privateness tokens successful the state and touches connected nonfungible tokens, liquidity requirements, mining and struggle resolution.
Related: Bahamas regulator denies asking crypto speech FTX to mint caller tokens
Bahamian regularisation was taxable to planetary scrutiny aft Bahamas-based cryptocurrency speech FTX went bankrupt successful November amid accusations of fraud and corruption. This led to a definite magnitude of friction between Bahamian regulators and the United States tribunal strategy arsenic good arsenic the caller FTX management.
Comments connected the measure tin beryllium made done May 31. The SCB hopes the measure volition travel into unit by the extremity of the 2nd 4th this year.
Magazine: Unstablecoins: Depegging, slope runs and different risks loom
English (US) 