The Bahamas has enacted new cryptocurrency regulations following the collapse of FTX. The Digital Assets and Registered Exchanges (DARE) 2024 Act was passed by the Bahamas Parliament.
The new law mandates investor protection and Know Your Customer (KYC) procedures. It also tightens standards for information disclosure and financial reporting.
The DARE 2024 Act extends its regulatory reach to advisory and management services, derivative trading, and staking. Notably, it introduces the first-ever disclosure regime for staking digital assets owned by clients.
Stablecoin issuance is now regulated with stringent guidelines and a categorical ban on algorithmic stablecoins.
This legislation is a strategic move to enhance market integrity and investor confidence in the Bahamas’ crypto sector.
