The Bahamas is planning to tighten its crypto laws with a new bill that could be among the most advanced pieces of digital asset legislation in the world. The bill includes measures on stablecoins, proof-of-work mining, and crypto staking, and seeks to ensure that operators of a digital asset exchange have adequate and appropriate systems and controls for the scale and nature of their business. The new law will also bring in a comprehensive regulatory framework for stablecoins and cover crypto services such as advice, derivatives, and non-fungible tokens (NFTs) classified as financial assets. The move comes in the wake of the collapse of FTX, the crypto exchange largely based in the Bahamas, and the subsequent legal disputes involving the exchange's former CEO Sam Bankman-Fried.
(By Jack Schickler)