The Bahamas Parliament Passes Landmark Crypto Regulation Bill

IconCryptoNewsTerminal Staff30 Jul, 2024

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The Bahamas Parliament Passes Landmark Crypto Regulation Bill

The Bahamian Parliament has passed the Digital Assets and Registered Exchanges Act (DARE), a landmark piece of legislation that establishes a comprehensive regulatory framework for the cryptocurrency sector. The act includes provisions governing digital asset issuers, exchanges, custodians, staking, and stablecoins. This move signals the Bahamas' commitment to becoming a global hub for the digital asset industry. The DARE Act provides much-needed clarity and certainty for businesses operating in the crypto space and is expected to attract investment and innovation to the country. Key provisions of the DARE Act include: Licensing and registration requirements for digital asset businesses Anti-money laundering and countering the financing of terrorism (AML/CFT) measures Consumer protection provisions Prudential requirements for stablecoin issuers The DARE Act is a significant development for the global cryptocurrency industry and could serve as a model for other countries looking to regulate the sector.

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