The Securities Fee of the Bahamas has as soon as once more taken a revolutionized method towards crypto regulation, marking a monumental stride. At the moment, the regulatory physique solid forward, incorporating the brand new DARE (Digital Property and Registered Exchanges) Act 2024 into its legislation. This mover has echoed a worldwide buzz, whereas the Bahamas corporations its grip on the digital asset sector’s dynamic panorama.
The brand new streamlined method towards crypto regulation additionally follows FTX Digital Markets Ltd.’s latest liquidation election course of, additional sparking discussions throughout the crypto group.
The Bahamas Unveils New Crypto Regulation
The Securities Fee of the Bahamas revealed that the DARE Act 2024 had been handed into legislation by the nation’s parliament in the present day, July 31. This act comes using the again of the DARE Act 2020, streamlining the nation’s method to dealing with the dynamic cryptocurrency sector.
Christina Rolle, Government Director on the Securities Fee, said, “DARE 2024 represents a brand new commonplace in digital asset regulation and is a testomony to our dedication to sturdy danger administration.” Additional, she added that the regulatory physique has curated a framework that not solely prioritizes investor safety but additionally empowers accountable innovation, pushing the nation on the forefront of digital asset administration.
In the meantime, the important thing highlights rolled out with the brand new legislation 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 property, amongst many others.
The first agenda, nonetheless, stays investor safety surrounding the usage of digital property. Additionally, this legislation follows Sam-Bankman‘s FTX saga within the nation, whereby it performed an election course of.
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FTX Launches Election Course of For Collectors
Within the aftermath of the FTX collapse, the newest growth pointed towards a ‘liquidation election course of.’ Notably, the fallen alternate’s liquidators requested its clients to decide on whether or not “they want to take part in both the Official Liquidation continuing of FTX Digital Markets Ltd. within the Bahamas (the Bahamas Course of), or the US Chapter 11 circumstances (the “US Course of”).
The deadline for the purchasers is additional set for August 16 at 4 PM ET to select sides. Furthermore, “Ask Me Something” periods have been scheduled for purchasers to offer a hassle-free choice making course of.
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