The Securities Commission of The Bahamas recently proposed the Digital Asset and Registered Exchanges Bill 2023 for public consultation.
Philip Davis, the Prime Minister of Bahamas, at Consensus 2023 shared the country’s stance over digital assets and exchanges. He also highlighted the importance of this bill and how it will help the country grow businesses.
“DARE is the superior regulatory legislation in the industry,” he said. “The Bahamas can and should be home to digital assets businesses because of its robust regulatory framework and legal and regulatory clarity.” (Source: Coindesk)
According to the official media release, the bill aims to modernize and strengthen requirements for conducting digital asset businesses in The Bahamas, and for the protection of consumers, investors, and the markets.”
The Bill is open for a “one-month public consultation period for a series of amendments to the DARE Act.” It is highly supported by The Government of Bahamas and the SEC to ensure compliance and regulation of the newly emerging technologies in Web3.
DARE Act 2020 was first released in 2020 and the DARE Bill 2023 adds to the further clarity and consultation with the public to ensure smooth implementation in the country. SCB Executive Director Christina Rolle says, “Once passed, DARE 2023 will be among the most advanced pieces of digital asset-legislation in the world and will align with The Bahamas’ commitment to facilitating development and innovation in a well-regulated environment.”
Furthermore, the bill will also regulate stablecoins by clearly defining them and establishing new criteria for management reporting, and “redemption of reserve assets.”
Bahamas Authorities aren’t the only ones opening bills for public consultation regarding digital assets. Recently, the UK Treasury also announced they will seek public input on regulating the DeFi staking and lending.
NFTStudio24 had the honor to make a Media Appearance at Consensus 2023 to explore various Web3 companies, exchanges, and projects. From interaction keynote sessions to workshops and exhibits, the event was an interesting lookout towards the growing industry.
The Prime Minister’s statement regarding the Bahamas’ regulatory bill is good news for the Web3 community. PM Davis’ regime seems to be aiming toward encouraging Web3 adoption by closely regulating it.
“This achievement of the regulatory framework…also signals that The Bahamas is legislatively equipped to mitigate and combat the risks of money laundering, as well as terrorist and proliferation financing associated with new and emerging technologies,” he said.