NASSAU, BAHAMAS — Attorney General Ryan Pinder said yesterday that the government in the coming months will bring amendments to the Digital Assets and Registered Exchanges Act (DARE) to Parliament to respond to some of the new developments and key changes in the crypto currency space.
Pinder was a panelist at the Crypto Bahamas conference yesterday.
He said: “We anticipate in the coming months to have some amendments to the DARE ACAT that will be tabled and passed in Parliament that will react to some of the new developments that we are seeing and other keys changes at the forefront of the industry.”
The DARE Act which was passed in Parliament in December 2020, facilitates the registration of digital token exchanges and the provision of services related to them. The legislation has been praised by stakeholders in the crypto currency space and has been credited with helping to attract FTX Digital Markets to The Bahamas.
Pinder noted that The Bahamas is a “trailblazer” in terms of legislation as it relates to digital assets.
“We look to be able to shift the legislation and regulatory regime as the industry shifts,” he said.
Deputy Prime Minister Chester Cooper said that the Davis administration is not only looking to develop the industry for the outside world but is looking to ensure that Bahamians can participate and benefit.
“We don’t just look at this as an opportunity to build an industry that caters to the outside world,” he said.
“We want to build an industry that Bahamians can benefit from and participate in. We want to diversify. We promised to create new industries and we are well on our way to doing so.
“We want this to be an industry that benefits Bahamians as well. We want the Bahamian people to create wealth and participate in the industry as investors, not just as employees or providing linkage businesses,” said Cooper.
Loading ...
