Bahamas Securities Commission Unveils Draft Digital Assets Act in Response to FTX Scandal – Here's the Latest

Apr 27, 2023

By Fredrik Vold | @fredrik-vold

The securities regulator in the Bahamas has unveiled a new piece of draft regulation developed as a response to the collapse of the Bahamas-based crypto exchange FTX.

The new bill, titled the Digital Assets and Registered Exchanges (DARE) Bill 2023, is an update to the original DARE Act of 2020. 

Among other things, it expands the definition of what a digital asset business is, and introduces a number of new reporting requirements for such businesses.

Additionally, the bill will strengthen requirements for any businesses offering crypto custody and wallet services, as well as introduce new requirements for crypto exchanges, staking service providers, and issuers of stablecoins and other digital assets, a press release from the Securities Commission of The Bahamas said.

On the issuance of new tokens, the regulator will, under the new law, keep “a register of initial token offerings containing specified information,” the Commission’s official consultation document said.

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