KUALA LUMPUR, July 31 (Bernama) -- The Securities Commission of The Bahamas (Securities Commission) announced the Digital Assets and Registered Exchanges Act, 2024 (DARE 2024) has been passed into law by the Parliament of The Bahamas, in a pacesetting move that solidifies the country’s position as a leader in digital asset regulation.
Building upon the foundation laid by the DARE Act, 2020, the legislation introduces comprehensive reforms designed to address the evolving landscape of digital assets and cryptocurrency markets, according to a statement.
“DARE 2024 represents a new standard in digital asset regulation and is a testament to our commitment to robust risk management.
“We have created a framework that not only focuses on investor protection, but also encourages responsible innovation, positioning The Bahamas at the forefront of digital asset regulation globally,” said Securities Commission Executive Director, Christina Rolle.
The Securities Commission took a proactive approach with DARE 2024, ensuring its alignment with current international best practices and the recommendations of standard-setting bodies, including the International Organization of Securities Commissions’ standards for regulators and the Financial Action Task Force Recommendations.
The new legislation is also the product of focused benchmarking of global legislative and regulatory advances, evolution of emerging risks, and extensive stakeholder and industry consultation.
Key highlights of DARE 2024 include expanded scope; enhanced digital asset exchange requirements; robust custody framework; staking framework; comprehensive stablecoin framework; and digital asset issuers.
Among other notable provisions of DARE 2024 are robust standards addressing conflicts of interest and connected third-party relations, representing a commitment to continue evolving the regulatory framework, offering enhanced protections for consumers and investors.
The implementation of DARE 2024 is expected to maintain a competitive, robust and pragmatic regulatory framework for new fintech entrepreneurs and established digital asset businesses in The Bahamas, further strengthening the country’s position as a leading international financial centre.
The Securities Industry Act 2024 was passed into law in The Bahamas simultaneously, with DARE 2024, updating the regulatory regime for the securities industry to ensure a robust and agile framework that remains compliant with global standards and international best practices.
-- BERNAMA
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