Regulators from all around the world have been waking up to cryptocurrency regulation this yr and it appears the Bahamas are the newest to open their eyes.
The Central Bank of the Bahamas (CBOB) has revealed a regulatory framework in preparations to combine cryptocurrency-based property into its monetary companies business, in accordance to the Nassau Guardian.
The framework seeks to tackle most of the regulatory challenges the CBOC at present associates with the usage of cryptocurrencies similar to tax evasion, market volatility, fraudulent initial coin offerings (ICOs), and anti-money laundering insurance policies.
The CBOB imagine the cryptocurrency business’s strategy to worldwide regulation is too fragmented – making it tough to “manage emerging risks in the fintech arena.”
As such, the CBOB is wanting to implement a lot of amendments to regulations really useful by the likes of the international monetary fund (IMF).
These amendments would require any enterprise working in, or from the Bahamas, to “exhibit protected and sound enterprise practices; present that they’ve techniques in place to measure, monitor, and adequately management market and different dangers; and be sure that they’ve in place auditable insurance policies, practices and procedures to stop the usage of their companies for felony functions.”
Anti-money laundering insurance policies may also be obligatory.
Incidentally, this information is available in the identical week that Thai authorities introduced they’d be regulating ICOs through a dedicated portal designed to enhance safety, scale back fraud, and assist facilitate due diligence.
Published November 9, 2018 — 15:06 UTC