The collapse of the cryptocurrency exchange FTX in the last months of 2022, which was a difficult year, also led to a decline in Bitcoin (BTC) and crypto money markets.
While the collapse of FTX made a big impact in the markets, the eyes were turned to the Bahamas, the center of FTX.
Five months after the collapse of FTX, the Bahamas is trying to tighten its cryptocurrency rules.
Christina Rolle, Chief Executive of the Bahamas Securities Commission (SCB), said in a statement that they are proposing stricter rules for cryptocurrency platforms, saying:
“After the collapse of FTX, as SCB, we proposed stricter rules and submitted them for consultation.
The new bill, which includes measures related to stablecoins, proof-of-work mining and crypto staking, could be among the most advanced pieces of digital asset legislation in the world.”
It was stated that the proposed rules include broadening the definition of digital asset platforms, disclosure requirements for crypto staking activities, and stricter rules for stablecoin issuers.
The consultation initiated by the Bahamas Securities Commission will run until May 31, and officials expect the bill to become law by the end of the second quarter.