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Home»Regulation»Bahamas unveils DARE 2024 bill to restore crypto hub status after FTX
Bahamas unveils DARE 2024 law to restore crypto hub status post-FTX
Regulation

Bahamas unveils DARE 2024 bill to restore crypto hub status after FTX

2024-07-31No Comments2 Mins Read
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The Bahamas Securities Commission has announced the passage of new crypto legislation almost two years after the collapse of FTX.

The Digital Assets and Registered Exchanges Act, 2024 (DARE 2024) aims to bring regulatory clarity to the country’s digital assets industry and cement its position as a pro-crypto hub.

Christina Rolle, executive director of the Securities Commission, said DARE 2024 provides a new standard in the regulation of digital assets and is a testament to the financial regulator’s commitment to robust risk management. She added:

“We have created a framework that not only focuses on investor protection, but also encourages responsible innovation, putting The Bahamas at the forefront of digital asset regulation globally.”

The Bahamas moved global control following the shocking collapse of the FTX stock exchange, which was headquartered in the country, in 2022. Before its failure, the company was valued at $32 billion, and its now-jailed founder and CEO Sam Bankman-Fried, also based in the Bahamas, was seen as the golden boy of a booming industry.

At the time, the Caribbean country was facing increasing questions about the strength of its crypto regulations and a decline in the number of crypto companies expanding into the region.

DARE 2024

DARE 2024 expands the scope of regulated digital asset activities to include advisory and management services. It also regulates digital asset derivatives, staking services and other activities as the sector develops.

The law introduces stricter requirements for digital asset exchanges to ensure robust investor and consumer protection. It also establishes a comprehensive custody framework for the safekeeping of digital assets and custodial wallet services.

See also  Economist Alex Krüger Says President Trump's Crypto Endorsement to Generate 'Seismic' Change – Here's How

DARE 2024 provides clear definitions and guidelines for staking services and stablecoins. The law describes the registration process, asset reservation policies and custody management for stablecoins.

In addition, the law requires timely disclosure and financial reporting. It addresses conflicts of interest and related third party relationships and categorizes NFTs as financial or consumer assets.

Notably, DARE 2024 bans the issuance of algorithmic stablecoins and privacy tokens and imposes certain restrictions on Proof-of-Work (PoW) token mining activities in the country.

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