The Bahamian regulators intend to ban algorithmic stablecoins and require crypto entities to provide feedback on their activities.
The Securities Commission of the Bahamas reportedly plans to strengthen the domestic cryptocurrency regulatory framework after the collapse of FTX, which was based in the island nation. One such amendment will be the prohibition of algorithmic stablecoins and privacy tokens.
The demise caused many to call upon implementing stricter rules on the sector to prevent another dark-case scenario. According to a BloombergIt intends to require digital asset businesses to report their activities. The new legislation will touch upon staking, insisting users disclose their process of pledging coins to support the operation of blockchains.
The FTX catastrophe is not the only reason the regulator imposed new laws. It outlined the efforts of the authorities of the European Union, Hong Kong, and New York, who have recently displayed intentions to protect crypto users by implementing stricter regulatory frameworks.The Bahamas: SBF’s Short-Lived Paradise
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