The Bahamas Securities Commission (SCB) has submitted the Digital Assets and Registered Exchanges (DARE) Bill for public comment, following the collapse of FTX, which was supervised by the regulator.
The bill outlines more stringent rules for crypto companies and includes an expanded definition of crypto business, disclosure requirements for staking platforms, tougher approval criteria for stablecoin issuers, and internal control measures of trading platforms.
The commission will accept comments until May 31 and expects the bill to be approved at the end of the month.
The new CEO of FTX, John Ray, has criticized the regulator, claiming to have evidence of unauthorized access by the SCB to the exchange’s systems “in order to obtain digital assets.” SCB denied Ray’s claims, having received information about the possible FTX fraud two days before its bankruptcy filing.
