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

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Bahamian Securities Commissionislands (SCB) has constructively accepted the criticism of the international community caused by the collapse of the FTX cryptocurrency exchange, and intends to tighten supervision over the digital assets of citizens.

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 transactions, and stricter requirements for stablecoin issuers. A separate clause of the SCB prohibits the issuance and circulation of all types of algorithmic stablecoins in the Bahamas.

“The amendments will strengthen protection mechanisms, consolidatenew disclosure 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.

Last December, amid a scandal overRegarding the bankruptcy of FTX, the Bahamas Securities Commission announced that it had taken control of the assets of the exchange and its subsidiaries amounting to more than $3.5 billion.