NASSAU, BAHAMAS- Prime Minister Philip Davis on Wednesday tabled in Parliament a Bill that will repeal and replace the DARE Act as well as regulate the issuance and sale of digital assets.
Prime Minister Philip Davis tabled the Digital Assets and Registered Exchanges Bill 2024 as well as the Securities Industry Bill 2024 which will modernize the law relating to the regulation of securities exchanges, and the securities industry and enhance the powers of the Securities Commission.
The Digital Assets and Registered Exchanges Bill, of 2024 introduces a robust framework with a greater focus on the protection of consumers and investors, as well as market development and innovation in the quickly evolving digital assets space. The legislation repeals the DARE Act 2020, a once highly touted piece of legislation under which the now infamous crypto exchange FTX was registered.
The Securities Industry Bill, 2024 seeks to overhaul the more than a decade old, Securities Industry Act, of 2011. The Bill repeals and replaces the former Act with an updated and modernized securities industry framework to ensure that the relevant laws are current, competitive, and reflect international best practices.
The Bill was drafted with the objective of strengthening the regulatory regime of the securities industry, bolstering the Commission’s authority, consolidating the amendments to the former Act, compliance with the updated International Organization of Securities Commission (IOSCO) objectives and principles of securities regulation and the revised Financial Action Task Force 40 Recommendations and current international best practices and enhance and encourages new capital markets business.
