The authorities of the Bahamas are changing the rules of crypto regulation

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Bahamas Securities Commission(SCB) has taken constructively the criticism of the global community caused by the collapse of the FTX cryptocurrency exchange, and intends to tighten supervision over citizens' digital assets.

The supervisory authority has developed a newthe Digital Assets and Registered Exchanges (DARE) bill, which includes an expanded definition of a digital asset business, disclosure requirements for cryptocurrency staking operations, and increased requirements for stablecoin issuers. In a separate paragraph, the SCB prohibits the issuance and circulation in the territory of the Bahamas of all types of algorithmic stablecoins.

“The amendments will strengthen protection mechanisms, consolidate newdisclosure and reporting requirements, specific registration obligations, and ongoing oversight of operators in the digital asset space,” SCB said in a statement.

Consultations on the text of the new bill will last until May 31, and by the end of the second quarter the law will come into force.

In December last year, amid the scandal overFollowing the bankruptcy of FTX, the Bahamas Securities Commission announced that it had taken control of the assets of the exchange and its subsidiaries in excess of $3.5 billion.