Bahamas Unveils Draft for Digital Assets Regulation

Introduction to the DARE Bill 2023

The Securities Commission of The Bahamas (SCB) has released a draft of the Digital Assets and Registered Exchanges (DARE) Bill 2023. This comprehensive bill is designed to update and refine the existing DARE Act of 2020. The SCB plans to engage in a consultation period before aiming for enactment by the end of the quarter.

Objectives of the DARE Bill

The primary aim of the DARE Bill 2023 is to enhance the regulatory framework surrounding digital assets within The Bahamas. This update seeks to address the rapid evolution of digital asset technologies and ensure that the regulatory environment remains robust and relevant.

Development of the Bill

Work on the DARE Bill began in April 2022. The SCB collaborated with the Hogan Lovells law firm to draft the legislation. This collaboration underscores the commitment to creating a comprehensive legal framework that aligns with international standards.

Key Features of the Proposed Legislation

The DARE Bill 2023 introduces several key features aimed at strengthening digital asset regulation. It seeks to provide clearer guidelines for digital asset exchanges and enhance consumer protection measures. By doing so, it aims to foster a secure and transparent digital asset market in The Bahamas.

Conclusion and Future Prospects

The introduction of the DARE Bill 2023 marks a significant step for the digital asset sector in The Bahamas. The proposed legislation reflects the SCB's proactive approach to regulating this dynamic industry. As the consultation period progresses, stakeholders will have the opportunity to provide input, ensuring that the final version of the bill is well-rounded and effective. The successful enactment of this bill could position The Bahamas as a leading jurisdiction for digital asset regulation.