Bahamas Tightens Crypto Regulations
DARE 2024 expands on the previous DARE 2020 Act, covering a wider range of digital asset activities, including advisory and management services, crypto derivatives, and staking.
On this page
The Bahamian parliament approved the Digital Assets and Registered Exchanges Act 2024 (DARE 2024).
DARE 2024 expands on the previous DARE 2020 Act, covering a wider range of digital asset activities, including advisory and management services, crypto derivatives, and staking.
Highlights of DARE 2024:
- A ban on algorithmic stablecoins, with a new framework for other stablecoins.
- Prohibition of privacy tokens such as Monero and ZCash.
- NFTs are categorized into financial and consumer assets, each with specific regulations.
- Custodial services must provide financial reports.
- Enhanced investor protection measures for crypto exchanges.
These new regulations aim to restore and enhance the Bahamas' reputation as an international financial center, which was affected by the collapse of the locally registered exchange FTX.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
