In the spirit of celebration, The Bahamas Prime Minister Philip Davis <\/span>raised<\/span><\/a> a glass to the persistence and development of the crypto ecosystem despite the ongoing FTX debacle.\u00a0<\/span><\/p>\n Prior to the FTX collapse, the cryptocurrency exchange was headquartered in The Bahamas and it was a major player in the country\u2019s digital asset ecosystem. However, Davis stood up at his table at the fine-dining restaurant Nobu to deliver a toast where he asked attendees to forget about FTX and not be derailed from the promises of crypto.<\/span><\/p>\n <\/p>\n \u201cThe only thing the FTX debacle did was embolden crypto critics,\u201d he said, adding that, \u201cThe digital asset world is here to stay.\u201d<\/span><\/p>\n<\/blockquote>\n The dinner was held at the luxury Atlantis resort on Paradise Island, north of Nassau, marking the opening of D3 Bahamas, a conference put on by the Bahamian government, designated to update its crypto regulations. Following the <\/span>implosion<\/span><\/a> of FTX, The Bahamas introduced a new set of consumer protection measures, including requirements around the segregation of customer and corporate assets.\u00a0<\/span><\/p>\n \u201cWe are committed to ensuring this aspect of our financial services industry keeps good actors in and bad actors out,\u201d said Davis, before raising his glass.<\/span><\/p>\n <\/p>\n <\/p>\n Sadly, this was one of the regulations which FTX and its sister trading firm Alameda Research failed to adhere to while still operational. Their non-compliance contributed significantly to the alleged fraud by Sam Bankman-Fried, the crypto exchange\u2019s former Chief Executive Officer (CEO) for which he is currently <\/span>facing trials<\/span><\/a> for.<\/span><\/p>\n The Bahamas referred to the latest update in its regulatory framework as a reflection of the ongoing development in the crypto ecosystem. At the same time, it is also a reflection of the lessons learnt from the collapse of the FTX. Notably, this is not the first precautionary measure that the nation has taken since the FTX collapsed.\u00a0<\/span><\/p>\n Before this time and after FTX collapsed, the Securities Commission of the Bahamas (SCB) <\/span>introduced<\/span><\/a> a whole new set of rules through the DARE Bill to regulate the activities of Virtual Assets Service Providers (VASPs) operating in the region.\u00a0<\/span><\/p>\n Precisely, the regulator strengthened the financial and reporting standards for trading platforms, custody service providers, staking operators and asset managers in the\u00a0region.<\/span><\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n –><\/p>\n –><\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <!– <\/p>\nFTX Debacle \u2018Emboldened Crypto Critics\u2019<\/strong><\/h2>\n
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The Bahamas Doubles Down on Crypto Regulation<\/strong><\/h2>\n
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