The Bahamas has enacted the Digital Assets and Registered Exchanges Act, 2024 (DARE 2024), establishing itself as a leader in digital asset regulation. Announced by the Securities Commission, DARE 2024 builds on the DARE Act, 2020, introducing significant reforms to address the evolving digital asset landscape. Christina Rolle, Executive Director of the Securities Commission, emphasized the Act’s role in enhancing risk management and promoting responsible innovation.
Bahamas Enacts Digital Assets and Registered Exchanges Act
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The legislation aligns with international standards, reflecting comprehensive stakeholder consultations and benchmarking of global regulatory advances. Key features include an expanded scope covering a wider range of digital asset activities, stringent requirements for digital asset exchanges, a robust custody framework, and new staking and stablecoin frameworks. Additionally, the Act includes enhanced investor protection measures for digital asset issuers, and addresses conflicts of interest, non-fungible tokens, privacy token issuance, and proof-of-work mining restrictions. Simultaneously, the Securities Industry Act 2024 was also passed, updating the securities regulatory regime to maintain global compliance.
