The Bahamas enacts a regulation on cryptocurrency to fight fraudulent ICOs


Regulators around the world have been aware of cryptocurrency regulations this year and it looks like the Bahamas are the last to open their eyes.

The Central Bank of the Bahamas (CBOB) has released a regulatory framework to integrate cryptocurrency-based assets into its financial services sector, according to the daily Nassau Guardian.

The framework seeks to address many of the regulatory issues that CBOC currently associates with the use of cryptocurrencies such as tax evasion, market volatility, fraudulent coin offerings, and anti-money laundering policies. laundering.

The CBOB believes that the cryptocurrency industry's approach to international regulation is too fragmented, making it difficult to "manage emerging risks in the area of ​​financial technologies".

As such, the CBOB is planning to implement a number of amendments to the regulations recommended by the International Monetary Fund (IMF).

These amendments will require any company operating in or from the Bahamas to "demonstrate safe and sound business practices; demonstrate that they have systems in place to adequately measure, monitor and control market and other risks; and to ensure that they have in place verifiable policies, practices and procedures to prevent the use of their services for criminal purposes. "

Anti-money laundering policies will also be mandatory.

Incidentally, this news was announced the same week that the Thai authorities announced that they would regulate country offices via a dedicated portal designed to improve security, reduce fraud and facilitate due diligence.

Posted on November 9, 2018 – 15:06 UTC