Bahamas Releases Discussion Paper on Crypto-Asset Regulation
The Central Bank of The Bahamas (CBOB) has released a discussion paper proposing how it intends to regulate digital assets. This includes initial coin offerings as part of efforts to eliminate the alleged threat of tax evasion, fraud and money laundering. However, when regulation eventually comes, it is likely that only a state-issued cryptocurrency will be supported.
Only State-Sanctioned Digital Assets Likely to Be Allowed
“The bank seeks to enhance the sector’s competitiveness without compromising the integrity or international reputation of The Bahamas, or undermining the financial safety of Bahamian households,” said the CBOB in a statement released Nov. 7. “These considerations are consistent with international best practices.”
CBOB lent support to the international regulatory convention approach, which classifies virtual currencies as ‘crypto-assets’ rather than…
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