The Bahamas Introduces New Revised Crypto Law After FTX Saga

The Securities Commission of the Bahamas has once again taken a revolutionized approach toward crypto regulation, marking a monumental stride. Today, the regulatory body forged ahead, incorporating the new DARE (Digital Assets and Registered Exchanges) Act 2024 into its law. This mover has echoed a global buzz, whereas the Bahamas firms its grip on the digital asset sector’s dynamic landscape.

The new streamlined approach toward crypto regulation also follows FTX Digital Markets Ltd.’s recent liquidation election process, further sparking discussions across the crypto community.

The Bahamas Unveils New Crypto Law

The Securities Commission of the Bahamas revealed that the DARE Act 2024 had been passed into law by the nation’s parliament today, July 31. This act comes riding the back of the DARE Act 2020, streamlining the nation’s approach to handling the dynamic cryptocurrency sector.

Christina Rolle, Executive Director at the Securities Commission, stated, “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 body has curated a framework that not only prioritizes investor protection but also empowers responsible innovation, pushing the nation at the forefront of digital asset management.

Meanwhile, the key highlights rolled out with the new law encompassed a plethora of developments. These included supervising a broader range of digital asset activities, enhanced requirements for digital asset exchanges, and a first-of-a-kind framework for staking digital assets, among many others.

The primary agenda, however, remains investor protection surrounding the use of digital assets. Also, this law follows Sam-Bankman‘s FTX saga in the nation, wherein it conducted an election process.

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FTX Launches Election Process For Creditors

In the aftermath of the FTX collapse, the latest development pointed toward a ‘liquidation election process.’ Notably, the fallen exchange’s liquidators asked its customers to choose whether “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 customers is further set for August 16 at 4 PM ET to pick sides. Moreover, “Ask Me Anything” sessions have been scheduled for customers to provide a hassle-free decision making process.

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