• The Bahamas plans to enhance its crypto rules in accordance with a session doc.
• The Bahamas’ new invoice protecting stablecoins, mining and staking could possibly be among the many finest on this planet, the manager director of SCB mentioned.
• The brand new laws requires digital asset change operators to make sure enough techniques and controls.

A session doc has been launched indicating that the Bahamas intends to tighten its cryptocurrency rules following the collapse of FTX on Tuesday. The crypto change was primarily situated within the Caribbean nation.

Christina Rolle, government director of the Securities Fee of the Bahamas (SCB), mentioned the brand new invoice, which covers stablecoins, proof-of-work mining and crypto staking, has the potential to be the one of the vital superior on this planet. heritage legal guidelines.

In 2020, the Bahamas had already handed the Digital Property and Registered Exchanges Act (DARE). It was additionally the house of Sam Bankman-Fried and his crypto change FTX, which skilled a collapse in November 2022.

Following FTX’s collapse, Sam Bankman-Fried was accused of embezzling firm funds to buy luxurious villas. America Division of Justice charged him with fraud, to which he pleaded not responsible.

In the meantime, FTX’s new administration has criticized poor governance throughout its tenure and is presently embroiled in a prolonged authorized battle with the Bahamas over jurisdiction.

The session doc additionally acknowledged that beneath the brand new laws, digital asset change operators should be sure that the techniques and controls used of their operations are ample and applicable for the dimensions and kind of their enterprise.

Moreover, the brand new laws will introduce a complete regulatory framework for stablecoins, which goals to peg their worth to different property equivalent to fiat foreign money. This comes after TerraUSD’s vital collapse final yr. The framework can even cowl different crypto-related companies. Moreover, the brand new laws will introduce a complete regulatory framework for stablecoins, which goals to peg their worth to different property equivalent to fiat foreign money.

This comes after terraUSD’s vital collapse final yr. The framework can even cowl different crypto-related companies, together with crypto advisory, derivatives and staking, in addition to NFTs which are labeled as monetary property. ng crypto suggestions, derivatives and staking, in addition to NFTs that are labeled as monetary property.

Bahamas Submit-Crypto Regulation Wants Tightening After FTX Collapse appeared first on Coin Version.

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