Regulation
Bahamas introduces revised new cryptocurrency law after FTX saga
The Bahamas Securities Commission has once again revolutionized its approach to cryptocurrency regulation, marking a monumental step forward. Today, the regulator has taken a step forward by incorporating the new Digital Assets and Registered Exchanges (DARE) Act 2024 into its legislation. The move has generated global buzz as the Bahamas strengthens its grip on the dynamic digital asset landscape.
The new streamlined approach to cryptocurrency regulation also follows the recent liquidation election process of FTX Digital Markets Ltd., sparking further discussion within the cryptocurrency community.
Bahamas unveils new cryptocurrency law
The Bahamas Securities Commission has revealed that the DARE Act 2024 was passed by the country’s parliament today, July 31. This legislation follows the DARE Act 2020, simplifying the country’s approach to managing the dynamics cryptocurrency sector.
Christina Rolle, Executive Director of the Securities Commission, said, “DARE 2024 represents a new standard in digital asset regulation and demonstrates our commitment to rigorous risk management.” She further added that the regulator has developed a framework that not only prioritizes investor protection but also fosters responsible innovation, propelling the country to the forefront of digital asset management.
Meanwhile, the key points implemented with the new law included a host of developments. These included overseeing a broader range of digital asset activities, strengthening requirements for digital asset exchanges, and a novel framework for digital asset staking, among others.
The main objective, however, remains the protection of investors around the use of digital assets. In addition, this law follows Sam BankmanThe FTX saga in the country, during which an electoral process was carried out.
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FTX Launches Creditor Election Process
In the aftermath of the FTX collapse which impacted the cryptocurrency In the market, the latest development pointed to a “liquidation election process.” Notably, the liquidators of the fallen exchange asked its clients to choose whether they wanted to “participate in either the formal liquidation proceedings of FTX Digital Markets Ltd. in the Bahamas (the Bahamas Process) or the Chapter 11 cases in the United States (the “U.S. Process”).”
The deadline for customers to choose their side is August 16 at 4pm EST. Additionally, “Ask Me Anything” sessions have been scheduled to ensure customers can make a decision without hassle.
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