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Bahamas: Digital asset legislation hailed as “big win”

NASSAU, BAHAMAS — Legislation regulating the sale and issuance of digital assets could provide The Bahamas with much-needed avenues to new industries and allow new entrants into that space, according to Caribbean Blockchain Alliance President Stefen Deleveaux.

“It’s going to be a big win for us,” Deleveaux told Eyewitness News.

The Digital Assets and Registered Exchanges Bill, 2020 (DARE Bill) debated and passed in Parliament on Wednesday will provide the legal framework to regulate the issuance and sale of digital assets, or crypto assets, including digital tokens.

Deleveaux said: “This is very important legislation. The Securities Commission has worked very hard on this and a lot of effort has gone into this. I think it will be very good for us.

“It shows that we are embracing the digital assets space, the Blockchain and crypto space and also provides us an avenue to new industries, which we really need. It’s going to be a big win for us.”

He added: “This is going to really bring new entrants into the space in terms of locals looking to start companies in these industries but also gives exposure to people [who] want to domicile here and have businesses here as well.”

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