The Bahamas will regulate ICOs and cryptocurrencies
The Central Bank of the Bahamas published a regulatory framework amid preparations to integrate cryptocurrency-based assets into its financial services industry
The regulatory framework seeks to solve several challenges that the bank associates with the use of cryptocurrencies, including tax evasion, market volatility, fraudulent Initial Coin Offerings (ICOs) and anti-money laundering policies.
The Central Bank of the Bahamas believes that the digital currency industry and the approach of international regulators is very fragmented, which makes it difficult to handle emerging risks in the world of FinTech.
For this reason, the entity is trying to implement a significant number of amendments to the regulations recommended by the International Monetary Fund (IMF).
The amendments require that all businesses operating in or from the Bahamas must demonstrate safe business practices, as well as demonstrate that their systems operate to perfection, and that they can adequately monitor and control the market and other risks. They must ensure they have audit policies, as well as practices and procedures to prevent the use of their services for criminal purposes.
Likewise, Thai authorities also announced that they will regulate the Initial Coin Offerings (ICOs) through a portal designed to increase security, reduce fraud and help compliance with laws.
L.Sáenz
Source: Coincrispy
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