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The Bahamas is seeking to strengthen its crypto laws following the collapse of FTX, the crypto exchange largely based in the Caribbean nation, according to a consultation paper released Tuesday.
The new bill, which includes measures on stablecoins, proof-of-work mining and crypto staking, could become one of the most advanced pieces of digital asset legislation in the world, Christina said. Rolle, executive director of the Bahamas Securities Commission (SCB) in a statement.
The Bahamas, which already passed the Digital Assets and Registered Exchanges Act, DARE, in 2020 was home to Sam Bankman-Fried and his FTX crypto exchange, which collapsed in November 2022.
Under the new law, operators of a digital asset exchange must ensure that the systems and controls used in its business are adequate and appropriate for the scale and nature of its business, the document says. .
It will also bring a comprehensive new regulatory framework for stablecoins that seek to peg their value to other assets such as fiat currency, following the dramatic collapse of terraUSD last year, and will expand to cover the services of cryptography such as advice, derivatives and cryptography. staking, and also include non-fungible tokens (NFTs) which are classified as financial assets.
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