Bahamas Securities Regulator Introduces Comprehensive New Draft Digital Assets Act

The Bahamas Digital Assets Act is a invoice that changed into exceeded into regulation in December 2020 through the Bahamian Parliament. The act affords a regulatory framework for DASPs and units requirements for the use, issuance, and buying and selling of virtual belongings withinside the country. By offering a prison framework, the regulation creates a solid surroundings for virtual belongings offerings to perform in, giving buyers greater self belief of their investments.

##Why is it vital for buyers?

The Bahamas Digital Assets Act is important for buyers as it indicators the country`s dedication to helping a burgeoning virtual asset economy. By legalizing virtual asset offerings, the Bahamas is developing a good surroundings for enterprise increase, attracting greater funding possibilities withinside the space. Additionally, the act affords buyers with prison protections and units requirements that virtual asset offerings should adhere to, making it less complicated for buyers to navigate the enterprise.

To perform withinside the Bahamas, DASPs should adhere to a hard and fast of rules that consist of registration and compliance requirements. The new necessities are designed to offer prison protections for customers and help the long-time period increase of the virtual asset enterprise.

To check in as a DASP withinside the Bahamas, groups should publish a complete set of necessities to the Securities Commission of the Bahamas. The necessities consist of information of the company, its board of directors, and key shareholders. Additionally, candidates should deliver facts on their commercial enterprise model, governance structure, and cybersecurity measures, amongst different key information.

DASPs working withinside the Bahamas should observe strict anti-cash laundering (AML) and counter-terrorist financing (CTF) rules. Compliance necessities beneathneath the Bahamas Digital Assets Act consist of consumer identification, record-keeping, and transaction monitoring. All DASPs should comply with the FATF Cryptocurrency Guidelines, which set out requirements for AML and CTF compliance withinside the enterprise.