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Bahamas DARE Bill Subdues Crypto After the FTX Disaster

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Many sweeping transformations to the digital assets reformation in the Bahamas will occur precisely.

According to the report, the Bahamas securities agency initiated a consultation time with the country’s Digital Assets and Registered Exchange Bill.

It occurred after the FXT damage control.

More Details about the Story

BAHASMA

Source: freepik

On April 25th, a consultation document publication mentioned that at the start of the FTX collapse, the Bahamas started looking for ways to tighten its crypto laws.

The expectation for the DARE bill is that it will commence its operations by the end of the 2nd quarter.

As per a statement on Wednesday, the bill aims to become one of the advanced parts of the global digital asset legislation.

In addition, the new regulatory structure ensures that the Bahamian legislative reign is proactive, and current says the statement.

READ ALSO: South Korea Charges Terra Co-Founder, But He Denies It

Objectives of the Bill

Bill aims to encourage investor protection and expand risk management from industry-based companies.

Also, enhance provisions for market development and innovation.

In addition, the legislation aims at strengthening the measures for operating cryptocurrency exchanges, reporting, and financial requirements.

Moreover, the stablecoins regulation also will be in focus.

However, potential users of the Bahamas will need to prove that they already have set the correct structure in place.

Furthermore, they need to prove that they can operate the nature and scale of their operations.

Overall, the DARE bill offers provisions on staking, distributed ledger network nodes, and advice to digital asset business marketers.

READ ALSO: The Most Famous and Expensive Non-fungible Tokens

The FTX Connection

The failed crypto exchange of Sam Bankman-Fried, FTX had its headquarters in the Bahamas.

Last November, the crypto exchange filed for bankruptcy.

Allegedly, the failed exchange was filled with fraud and corruption encouraged by the misappropriation and commingling of user funds.

Also, members of the public may be allowed to take part in the consultation time.

The consultation has already commenced. It might close down by May end.

 

 

 

 

 

 

 

 

 

 

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