Hogan Lovells is engaged by the Securities Commission of The Bahamas to draft new DARE Bill 2023
London, Washington D.C. 2 May 2023 - Global law firm Hogan Lovells has advised the Securities Commission of The Bahamas on its new Digital Assets and Registered Exchanges (DARE) Bill, 2023 which was published on 25 April 2023 for consultation.
Building on the DARE Act 2020, the DARE Bill aims to address legislative gaps, ambiguities, and procedural concerns within current legislation. In particular, the DARE Bill expands the definition and list of digital asset business activities and includes robust consumer and investor protection, risk management, and market innovation and development provisions. The proposed enhancements to the existing legislative framework cover a range of areas, including 1) clarifying the requirements applicable to custody and custodial wallet services, entities operating a digital asset exchange, and other types of digital asset businesses; 2) the introduction of a dedicated disclosure regime with respect to the provision of staking services; and 3) the establishment of a regulatory framework for stablecoin issuers.
The DARE Bill, which if passed, should come into effect by the end of Q2 2023. See here for more details.
The Hogan Lovells team was led by partners John Salmon and Elizabeth Boison with support from associates Christina Wu and Nathan Truong.