Bahamian authorities strengthen crypto asset regulations following FTX bankruptcy | coindesk JAPAN | Coindesk Japan

According to documents released on April 25, the Bahamas is seeking to tighten its crypto-related laws in the wake of the collapse of the Caribbean-based cryptocurrency exchange FTX. there is

Bahamas Securities Commission (SCB) executive director Christina Rolle said in a statement that the new bill, which includes measures on stablecoins, proof-of-work mining and crypto-asset staking, will: “It could be one of the most advanced digital asset legislation in the world,” he said.

The Bahamas, which had already passed the Digital Assets and Registered Exchanges (DARE) Act in 2020, collapsed in November 2022, according to Sam Bankman-Fried. It was home to Mr. and his cryptocurrency exchange FTX.

Bankman-Fried has since pleaded not guilty to fraud charges brought by the U.S. Department of Justice for misappropriating company funds and using them to build luxury vacation homes. FTX’s new management has accused the company of poor governance during his tenure and is in court with the Bahamian authorities over jurisdiction.

“Operators of cryptocurrency exchanges must ensure that the systems and controls used in their activities are adequate and appropriate for the size and nature of their business,” the new law states in a document. It is written.

It also introduced a “New Comprehensive Regulatory Framework for Stablecoins” that seeks to lock value in other assets such as fiat currencies following the collapse of Terra USD (UST) in 2022. Services such as derivatives, staking crypto assets, and non-fungible tokens (NFTs), which are classified as financial assets, will also be subject to regulation.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Nassau, capital of the Bahamas (Shutterstock)
｜Original: Bahamas Seeks to Tighten Its Crypto Laws Following FTX Collapse