The Securities Commission of the Bahamas has as soon as once more taken a revolutionized strategy towards crypto regulation, marking a monumental stride. Today, the regulatory physique cast forward, incorporating the brand new DARE (Digital Assets and Registered Exchanges) Act 2024 into its regulation. This mover has echoed a worldwide buzz, whereas the Bahamas companies its grip on the digital asset sector’s dynamic panorama.
The new streamlined strategy towards crypto regulation additionally follows FTX Digital Markets Ltd.’s current liquidation election course of, additional sparking discussions throughout the crypto group.
The Bahamas Unveils New Crypto Law
The Securities Commission of the Bahamas revealed that the DARE Act 2024 had been handed into regulation by the nation’s parliament at the moment, July 31. This act comes driving the again of the DARE Act 2020, streamlining the nation’s strategy to dealing with the dynamic cryptocurrency sector.
Christina Rolle, Executive Director on the Securities Commission, said, “DARE 2024 represents a new standard in digital asset regulation and is a testament to our commitment to robust risk management.” Further, she added that the regulatory physique has curated a framework that not solely prioritizes investor safety but in addition empowers accountable innovation, pushing the nation on the forefront of digital asset administration.
Meanwhile, the important thing highlights rolled out with the brand new regulation encompassed a plethora of developments. These included supervising a broader vary of digital asset actions, enhanced necessities for digital asset exchanges, and a first-of-a-kind framework for staking digital belongings, amongst many others.
The main agenda, nevertheless, stays investor safety surrounding using digital belongings. Also, this regulation follows Sam-Bankman‘s FTX saga within the nation, whereby it performed an election course of.
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FTX Launches Election Process For Creditors
In the aftermath of the FTX collapse, the newest improvement pointed towards a ‘liquidation election process.’ Notably, the fallen trade’s liquidators requested its clients to decide on whether or not “they wish to participate in either the Official Liquidation proceeding of FTX Digital Markets Ltd. in the Bahamas (the Bahamas Process), or the US Chapter 11 cases (the “US Process”).
The deadline for the shoppers is additional set for August 16 at 4 PM ET to select sides. Moreover, “Ask Me Anything” classes have been scheduled for patrons to offer a hassle-free resolution making course of.
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