The Bahamas' Securities Commission (SCB) has initiated a public consultation concerning its proposed Digital Assets and Registered Exchanges (DARE) Bill 2023.
The Bahamas' Securities Commission Invites Public Feedback on DARE Bill 2023
The Bahamas' Securities Commission (SCB) has initiated a public consultation concerning its proposed Digital Assets and Registered Exchanges (DARE) Bill 2023, which aspires to create a robust regulatory framework for digital assets such as cryptocurrencies, digital securities, and digital payment tokens. The consultation, commencing on April 26, 2023, will span 60 days, offering stakeholders the opportunity to weigh in on the proposed legislation.
The DARE Bill aims to tackle issues of consumer protection, anti-money laundering (AML), and counter-terrorism financing (CTF), while simultaneously encouraging innovation and the expansion of the digital asset industry within The Bahamas. This proposed framework is anticipated to deliver regulatory transparency, fortify market integrity, and shield investors from fraudulent activities and other risks related to digital assets. Furthermore, the bill proposes a licensing system for digital asset service providers, who will be subject to continuous regulatory supervision by the SCB.
As nations worldwide grapple with the burgeoning growth of cryptocurrencies and their potential repercussions on the global financial system, the SCB's endeavor to regulate digital assets reflects a growing trend. The SCB is currently welcoming interested parties to review the DARE Bill 2023 and submit feedback via the online portal on their website. This feedback will be taken into consideration as the bill is refined before submission to Parliament for approval.
