After the FTX crisis, the Bahamas started to work on crypto regulations to be tighter and more conservative.
The FTX crisis last year put the crypto industry in a very difficult situation. After this chain of events, regulators in the US began to increase their pressure on the crypto industry. Bahamas, whose name is side by side with FTX, is preparing for similar studies. The Bahamas Securities Commission is planning for further tightening of crypto regulations.
Bahamas Focused on Crypto Regulations
FTX, which caused billions of dollars in damage to the crypto industry, was running most of its processes through the Bahamas. After FTX, which went bankrupt and fell into legal processes, it was reported that the Bahamas tried to recover the tainted crypto regulations. According to Bloomberg’s report, the Bahamas’ focus is on tightening crypto regulations.
The Bahamas Securities Commission has begun receiving feedback on proposed changes to the Digital Assets and Registered Exchanges Act. The agency aims to strengthen financial and reporting requirements for crypto organizations.
In the statement from the agency, it was suggested that the reinforcements and revisions to be made could catch more activity. The agency, which also focuses on staking, focuses on a disclosure regime.
The Bahamas also plans to tighten regulatory clarity on issues such as crypto custody, exchanges, stablecoins and NFTs. Also, the agency is considering banning algorithmic stablecoins and privacy tokens.
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