✨ Bahamas Tightens Crypto Regulations
posted 31 Jul 2024
The Bahamian parliament approved the Digital Assets and Registered Exchanges Act 2024 (DARE 2024).
DARE 2024 expands on the previous DARE 2020 Act, covering a wider range of digital asset activities, including advisory and management services, crypto derivatives, and staking.
Highlights of DARE 2024:
DARE 2024 expands on the previous DARE 2020 Act, covering a wider range of digital asset activities, including advisory and management services, crypto derivatives, and staking.
Highlights of DARE 2024:
- A ban on algorithmic stablecoins, with a new framework for other stablecoins.
- Prohibition of privacy tokens such as Monero and ZCash.
- NFTs are categorized into financial and consumer assets, each with specific regulations.
- Custodial services must provide financial reports.
- Enhanced investor protection measures for crypto exchanges.
These new regulations aim to restore and enhance the Bahamas' reputation as an international financial center, which was affected by the collapse of the locally registered exchange FTX.
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