{"id":77905,"date":"2023-04-26T18:10:00","date_gmt":"2023-04-26T15:10:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77905"},"modified":"2025-09-11T01:55:41","modified_gmt":"2025-09-10T22:55:41","slug":"bahamas-regulator-tightens-rules-for-crypto-firms","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bahamas-regulator-tightens-rules-for-crypto-firms\/","title":{"rendered":"Bahamas regulator tightens rules for crypto firms"},"content":{"rendered":"<p>The Bahamas Securities Commission (SCB) <a href=\"https:\/\/www.scb.gov.bs\/wp-content\/uploads\/2023\/04\/SCB-Opens-Consultation-Period-for-DARE-Bill-2023-PR.pdf\">has presented<\/a> for public consultation a bill on digital assets and registered exchanges (DARE). The initiative followed <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the collapse of the regulator-supervised FTX<\/a>.<\/p>\n<p>The document outlines tighter rules governing crypto-related businesses.<\/p>\n<p>In particular, DARE includes an expanded definition of crypto business, disclosure requirements for staking platforms, and stricter approval criteria for issuers of stablecoins. The latter would ban the issuance of algorithmic \u201cstablecoins\u201d.<\/p>\n<p>According to the document, internal controls for trading platforms should \u201cmatch the scale and nature of their business\u201d.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The amendments strengthen protection mechanisms, such as new disclosure and reporting requirements, specific registration obligations, and enhanced ongoing oversight of digital asset operators,&#8221; the bill says.<\/em><\/p>\n<\/blockquote>\n<p>The Commission will accept comments until 31 May. The regulator expects that DARE will be approved by the end of May.<\/p>\n<p>FTX&apos;s new chief executive John Ray has repeatedly criticised the regulator. He claimed to possess evidence of unauthorized access by the agency to the exchange&apos;s systems &#8220;for the purpose of obtaining digital assets&#8221; that should be controlled by FTX. SCB <a href=\"https:\/\/forklog.com\/en\/news\/bahamas-regulator-responds-to-ftx-allegations\">denied Mr. Ray&apos;s claims<\/a>.<\/p>\n<p>Earlier, the Commission had received <a href=\"https:\/\/forklog.com\/en\/news\/bahamas-authorities-learned-of-possible-fraud-by-ftx-in-november\">information about possible fraud<\/a> involving FTX two days before its bankruptcy filing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bahamas Securities Commission (SCB) has presented for public consultation a bill on digital assets and registered exchanges (DARE). The initiative followed the collapse of the regulator-supervised FTX.<\/p>\n","protected":false},"author":1,"featured_media":77906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1899,1236,36],"class_list":["post-77905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bahamas","tag-ftx","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=77905"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77905\/revisions"}],"predecessor-version":[{"id":77907,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77905\/revisions\/77907"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/77906"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=77905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=77905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=77905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}