Regulators from around the world woke up this year with the regulation of the cryptocurrency, and it seems the Bahamas are opening their eyes.
The Bahamas CBOB has prepared a regulatory framework in preparation Crypto-currency-based assets are expected to be integrated into the financial services industry, according to Nassau Guardian.
The purpose of the framework is to address many of the regulatory challenges that CBOC currently associates with the use of cryptocurrencies such as tax evasion, market volatility and fraudulent countervailing coin deals (ICOs) and anti-money laundering strategies.
The CBOB believes the crypto-currency industry's approach to international regulation is too fragmented, making it difficult to "handle emerging fintech risks".
The CBOB intends to introduce a series of amendments to regulations recommended by International Monetary Fund (IMF).
Companies will require companies operating on or from the Bahamas to demonstrate "safe and sound business practices;
Money laundering Directives are also compulsory.
By the way, the same week that the Thai authorities announced they would regulate ICOs through a dedicated portal that would improve security, reduce fraud, and reduce the risk of fraud To facilitate due diligence.
Published 9 November 2018 – 15:06 UTC