In 2019, Bahamian official body performing control over securities introduced Bill DARE 2019 for cryptocurrencies and cryptoexchanges regulations. This regulatory act establishes provisions for control of trading operations with virtual tokens. Additionally, law also regulates activities of firms offering intermediary bases in this direction. The DARE license in Bahamas gives rights to carry out activities connected with digital assets.
Bill’s provisions describe that such activities mean:
Through the implementation of these rules, regulative grounds were created for issuing tokens and registering crypto-exchanges. In addition, certain crypto-businesses (particularly, escrow and wallet offers) have been identified, thereby providing official norms over them.
In accordance with the provisions of the bill, it is determined which firms can officially carry out operations connected with digital tokens, necessary capital, points regarding filing reports and procedure for obtaining Commission confirmation, as well as penalty for non-compliance with certain points.
In addition, obtaining a crypto license in Bahamas demands industry participants to follow to strict anti-money-trafficking (AML) and counter-terrorist financial support (CFT) regulations, while safeguarding consumers’ data.
Central jurisdiction’s bank imposed certain restrictions on certain crypto-instruments with which firms can transact. Conversion between Bahamas $ and foreign currencies denominated cryptoassets or non-local financed tools were also banned.
Legal entities intending to get licenses for cryptocurrencies in Bahamas or run operations from its territory must be certified in accordance with provisions of this act. An application must be made in special form, indicating type of activity and must be submitted along with the documents provided for by the Law. In addition, the person is obliged to pay the prescribed administrative fee.
Firms wishing to get cryptocurrency exchange license in Bahamas (i.e. act as a platform for digital tokens’ trade or exchange for fiat currency or multiple digital tokens among themselves) must first register before applying for a crypto permission in the Bahamas. An application must be made in special form and sent with necessary documents and the payment of a fee.
A firm operating as a marketplace may conduct commercial operations with digital assets as an additional branch and must provide written notice to do so.
Applicant of cryptocurrency license in Bahamas must also show following to regulative authority:
Token exchanges need to ensure systems and controls used in its operations are adequate for size and nature of its operations.
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