Regulatory Alerts2023-04-26
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Consultation Document – Digital Assets and Registered Exchanges Bill 2023
The Securities Commission of The Bahamas proposes the Digital Assets and Registered Exchanges Bill 2023 to amend the existing DARE Act, expanding the regulatory scope to include staking services, digital asset derivatives, and DLT network node services. The Bill explicitly prohibits the issuance of algorithmic stablecoins and privacy tokens from within The Bahamas while establishing a comprehensive framework for stablecoin reserve management and custody. It introduces a voluntary registration regime for foreign digital asset issuers, categorizes non-fungible tokens based on their financial or consumer nature, and imposes restrictions on proof-of-work mining. The public consultation for these proposed amendments runs from April 25, 2023, through May 31, 2023.