The Bahamas Introduces New Revised Crypto Law After FTX Saga

The Securities Commission of the Bahamas has once again taken a revolutionized approach toward crypto regulation, marking a monumental stride. Today, the regulatory body forged ahead, incorporating the new DARE (Digital Assets and Registered Exchanges) Act 2024 into its law. This mover has echoed a global buzz, whereas the Bahamas firms its grip on the digital asset sector’s dynamic landscape.

The new streamlined approach toward crypto regulation also follows FTX Digital Markets Ltd.’s recent liquidation election process, further sparking discussions across the crypto community.

The Bahamas Unveils New Crypto Law

Christina Rolle, Executive Director at the Securities Commission, stated, “DARE 2024 represents a new standard in digital asset regulation and is a testament to our commitment to robust risk management.” Further, she added that the regulatory body has curated a framework that not only prioritizes investor protection but also empowers responsible innovation, pushing the nation at the forefront of digital asset management.

Meanwhile, the key highlights rolled out with the new law encompassed a plethora of developments. These included supervising a broader range of digital asset activities, enhanced requirements for digital asset exchanges, and a first-of-a-kind framework for staking digital assets, among many others.

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FTX Launches Election Process For Creditors

The deadline for the customers is further set for August 16 at 4 PM ET to pick sides. Moreover, “Ask Me Anything” sessions have been scheduled for customers to provide a hassle-free decision making process.