The Bahamas Introduces New Legislation To Improve Crypto Asset Management
The Securities Commission of The Bahamas has revealed that Parliament has enacted the Digital Assets and Registered Exchanges Act, 2024, which enhances oversight of digital assets and cryptocurrencies.
Introducing Extensive Reforms
The latest legislation in The Bahamas builds upon the legal framework established by the DARE Act 2020, introducing extensive reforms to address the evolving nature of digital asset markets. Christina Rolle, Executive Director of the Securities Commission, stated that DARE 2024 sets a new benchmark for digital asset regulation.
The goal is to ensure investor protection and foster responsible innovation, positioning The Bahamas as a leader in global digital asset regulation, Rolle explained. DARE 2024 aligns with international standards and recommendations issued by the International Organization of Securities Commissions and the Financial Action Task Force. This new legislation reflects extensive global benchmarking and consultations with key stakeholders and industry experts.
Improving The Economy
Key features of DARE 2024 include rigorous standards for managing conflicts of interest and third-party relationships. It categorizes non-fungible tokens as either financial or consumer assets, mandates liquidity and reporting requirements, bans privacy tokens, and prohibits proof-of-work mining.
The introduction of DARE 2024, alongside the Securities Industry Act 2024, represents an overall commitment by The Bahamas to maintaining its position as a leading financial center. These legislative measures aim to provide top-tier consumer and investor protection while fostering a conducive environment for innovation in fintech.
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