- Parliament of The Bahamas enacted the DARE Act 2024 into law Monday, July 31.
- This law will standardize the way the government deals with the cryptocurrency industry.
The Bahamas’ Securities Commission has made historic progress in crypto regulation by adopting a new law. The newly enacted DARE (Digital Assets and Registered Exchanges) Act 2024 was formally adopted today by the regulatory authority. While this trend has gone viral throughout the world, the Bahamas is firmly establishing itself as a leader in the ever-evolving crypto sector.
The new simplified approach to crypto regulation has sparked debates among the crypto community and follows the recent liquidation election process of FTX Digital Markets Ltd.
Setting New Benchmark
Moreover, Parliament of The Bahamas enacted the DARE Act 2024 into law Monday, July 31, according to the Securities Commission of The Bahamas. Following in the footsteps of the DARE Act 2020, this law will standardize the way the government deals with the cryptocurrency industry.
According to Christina Rolle, the Securities Commission’s Executive Director, DARE 2024 demonstrates the organization’s dedication to strong risk management and sets a new benchmark for digital asset regulation.
She went on to say that the government agency has put Bahamas in the forefront of digital asset management by crafting a framework that encourages responsible innovation while simultaneously protecting investors.
Furthermore, the new legislation included a variety of innovations in its primary themes. Among them, were the creation of a ground-breaking framework for staking digital assets, stricter regulations for the trading of digital assets, and the oversight of a wider variety of digital asset operations. But safeguarding investors’ interests in relation to digital asset utilization is still the top priority.
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