{"id":435882,"date":"2024-07-31T16:25:05","date_gmt":"2024-07-31T15:25:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=435882"},"modified":"2024-07-31T15:56:35","modified_gmt":"2024-07-31T14:56:35","slug":"bahamas-unveils-dare-2024-law-to-restore-crypto-hub-status-post-ftx","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bahamas-unveils-dare-2024-law-to-restore-crypto-hub-status-post-ftx\/","title":{"rendered":"Bahamas unveils DARE 2024 law to restore crypto hub status post-FTX"},"content":{"rendered":"<p>The Bahamas Securities Commission has announced the passage of new crypto legislation nearly two years after FTX's collapse.<\/p>\n<p>The Digital Assets and Registered Exchanges Act, 2024 (<a href=\"https:\/\/www.scb.gov.bs\/wp-content\/uploads\/2024\/07\/Media-Release-The-Bahamas-Introduces-Transformative-Digital-Asset-Legislation-The-DARE-Act-2024.pdf\">DARE 2024<\/a>) aims to provide regulatory clarity for the country's digital assets industry and re-solidify its position as a pro-crypto hub.<\/p>\n<p>Christina Rolle, the executive director of the Securities Commission, said DARE 2024 provides a new standard in digital asset regulation and is a testament to the financial regulator's commitment to robust risk management. She added:<\/p>\n<blockquote><p>&#8220;We have created a framework that not only focuses on investor protection, but also encourages responsible innovation, positioning The Bahamas at the forefront of digital asset regulation globally.&#8221;<\/p><\/blockquote>\n<p><span style=\"color: #333333;\">The Bahamas attracted\u00a0<\/span><a href=\"https:\/\/cryptoslate.com\/ftx-and-bahamas-subsidiary-strike-deal-to-unify-asset-distribution-efforts\/\" target=\"_blank\" rel=\"noopener\">global scrutiny<\/a><span style=\"color: #333333;\"> following the shock collapse of the FTX exchange, which was headquartered in the country, in 2022.<\/span> Before its failure, the firm was valued at $32 billion, and its now <a href=\"https:\/\/cryptoslate.com\/former-ftx-ceo-sam-bankman-fried-sentenced-to-25-years-in-landmark-fraud-case\/\">imprisoned founder and CEO Sam Bankman-Fried<\/a>, also based in the Bahamas, was viewed as the golden boy of a thriving industry.<\/p>\n<p>At the time, the Caribbean nation faced increased questions about the potency of its crypto regulations and a decline in the number of crypto companies expanding to its region.<\/p>\n<h2>DARE 2024<\/h2>\n<p>DARE 2024 broadens the scope of regulated digital asset activities to include advisory and management services. It also regulates digital asset derivatives, <a href=\"https:\/\/cryptoslate.com\/cryptos\/staking\/\">staking<\/a> services, and other activities as the industry evolves.<\/p>\n<p>The law introduces stricter requirements for digital asset exchanges to ensure robust investor and consumer protection. It also establishes a comprehensive custody framework for digital asset custody and custodial wallet services.<\/p>\n<p>DARE 2024 provides clear definitions and guidelines for staking services and stablecoins. The law details the registration process, asset reserve policies, and custody management for stablecoins.<\/p>\n<p>Additionally, the law mandates timely disclosure and financial reporting. It addresses conflicts of interest and relationships with connected third parties and categorizes NFTs as financial or consumer assets.<\/p>\n<p>Notably, DARE 2024 prohibits the issuance of algorithmic <a href=\"https:\/\/cryptoslate.com\/cryptos\/stablecoin\/\">stablecoins<\/a> and privacy tokens and imposes certain restrictions on Proof-of-Work (<a href=\"https:\/\/cryptoslate.com\/cryptos\/proof-of-work\/\">PoW<\/a>) token mining activities in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bahamas Securities Commission has announced the passage of new crypto legislation nearly two years after FTX&#8217;s collapse. The Digital Assets and Registered Exchanges Act, 2024 (DARE 2024) aims to provide regulatory clarity for the country&#8217;s digital assets industry and re-solidify its position as a pro-crypto hub. Christina Rolle, the executive director of the Securities [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":435887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,77644,11],"tags":[79665,76833],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bahamas unveils DARE 2024 law to restore crypto hub status post-FTX<\/title>\n<meta name=\"description\" content=\"The Bahamas lawmakers have passed the DARE 2024 act for clearer digital asset regulations post-FTX fallout.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bahamas-unveils-dare-2024-law-to-restore-crypto-hub-status-post-ftx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bahamas unveils DARE 2024 law to restore crypto hub status post-FTX\" \/>\n<meta property=\"og:description\" content=\"The Bahamas lawmakers have passed the DARE 2024 act for clearer digital asset regulations post-FTX fallout.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bahamas-unveils-dare-2024-law-to-restore-crypto-hub-status-post-ftx\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-31T15:25:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-31T14:56:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/07\/bahamas-crypto-regulation.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bahamas-unveils-dare-2024-law-to-restore-crypto-hub-status-post-ftx\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bahamas-unveils-dare-2024-law-to-restore-crypto-hub-status-post-ftx\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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