The regulator has drafted a new Digital Assets and Registered Exchanges (DARE) bill that includes an expanded definition of digital asset businesses, disclosure requirements for cryptocurrency staking operations, and increased requirements for stablecoin issuers. In a separate paragraph, the SCB prohibits the issuance and circulation in the territory of the Bahamas of all types of algorithmic stablecoins.
“The amendments will strengthen safeguards, establish new disclosure and reporting requirements, specific registration obligations, and ongoing oversight of operators in the digital asset space,” SCB said in a statement.
Consultations on the text of the new bill will last until May 31, and by the end of the second quarter the law will come into force.
Last December, amid the FTX bankruptcy scandal, the Bahamas Securities Commission said it had taken over $3.5 billion in assets from the exchange and its subsidiaries.
Source: Bits
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