• The Bahamas plans to enhance its crypto rules in accordance with a session doc.
• The Bahamas’ new invoice overlaying stablecoins, mining and staking might be among the many finest on the earth, the chief director of SCB stated.
• The brand new laws requires digital asset alternate operators to make sure ample 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 alternate was primarily positioned within the Caribbean nation.

Christina Rolle, govt director of the Securities Fee of the Bahamas (SCB), stated the brand new invoice, which covers stablecoins, proof-of-work mining and crypto staking, has the potential to be the some of the superior on the earth. heritage legal guidelines.

In 2020, the Bahamas had already handed the Digital Belongings and Registered Exchanges Act (DARE). It was additionally the house of Sam Bankman-Fried and his crypto alternate 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 at present embroiled in a prolonged authorized battle with the Bahamas over jurisdiction.

The session doc additionally acknowledged that beneath the brand new laws, digital asset alternate operators should make sure that the techniques and controls used of their operations are adequate and applicable for the dimensions and sort 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 resembling fiat forex. This comes after TerraUSD’s important collapse final yr. The framework can even cowl different crypto-related providers. Moreover, the brand new laws will introduce a complete regulatory framework for stablecoins, which goals to peg their worth to different property resembling fiat forex.

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