Bahamas Securities Commission completes draft legislation on cryptocurrency

On April 3, the Bahamas Securities Commission (SCB) has completed draft legislation on cryptocurrency to regulate the fast-growing cryptocurrency industry in the financial services industry. On April 2, SCB issued a statement in the draft legislation stating that the legislation would govern “issuing or selling digital tokens in the Bahamas and how sellers and intermediary service providers operate”. The draft Digital Assets and Registered Exchanges Bill (2019) is currently being sought for public comment for eight weeks.