Topic: [2019-05-19]Bahamas to Regulate Cryptocurrency and Token Sale (Read 130 times)

Bahamas plans to introduce strong regulations for token and cryptocurrency sales

9. Registration of Initial Token Offering.       
(1)  An issuer shall – 
(a) apply to a sponsor for the registration of an initial token offering by – 
(i)   completing the Form prescribed in Part I of the First Schedule;

(ii)   paying the relevant application fee; and
             (iii)   paying the prescribed fee; and
(b) ensure that its application for registration has been submitted to a sponsor no later
than 45 days prior to the commencement of the initial token offering.
             (2) Where a sponsor preliminarily approves an application to register an initial token offering, it
shall  promptly  submit  the  material  particulars  of  that  offering  along  with  the  prescribed  fee  to  the
Commission, but such submission shall be no later than 10 days of the receipt of the application. 
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(3) For the purpose of subsection  (2),  the material particulars which must be submitted to the
Commission shall include but not be limited to the following documents – 
(a) the offering memorandum;
(b) a certificate of compliance by the sponsor or an appropriately qualified Bahamian local
counsel  and  attorney  appointed  by  the  sponsor  attesting  that  the  issuer’s  offering
memorandum is in compliance with this Act; and
(c) such other information and documentation as the sponsor relied upon for the purpose of
determining the application.
               (4)  Where, following a review of the documentation submitted by the sponsor, the Commission
does  not  object  to  the  sponsorship  application,  the  sponsor  shall  thereafter  register  the  initial  token
offering.
(5) Where a sponsor fails to submit all required documents within the prescribed time, the
sponsor shall pay a penalty of $500 for each day which elapses thereafter until the documents have been
submitted to the Commission.

Application for Registration as a Digital Asset Business
Item 1 ‐ Name of Applicant 
State the full legal name of the Applicant. 
Item 2 ‐ Type of Application 
State what category of digital asset business the Applicant is applying for registration in. 
Item 3 ‐ Full Business Contact Details of Applicant 
State the Applicant's principal business address and provide email addressees), telephone numbers and
fax numbers. If the Applicant operates at more than one address in The Bahamas, provide details for each
office. 
Item 4 ‐ Full Details on Security Holders, Directors and Officers 
Provide completed Form 4 for each security holder,' director and officer of the Applicant. 
If the securities of the Applicant are traded on a securities exchange in any jurisdiction, provide full details
of the listing

Bahamas plans to introduce strong regulations for token and cryptocurrency sales
The Securities Commission officially filed a draft of the bill back in March seeking to regulate token offerings that are not considered securities.

Like I said before countries who have nothing else to lose tend to move faster when it comes to cryptocurrency adoption as the reward is bigger than the economic risk they will had. Just by simply putting up their own regulation they will soon attract crypto related investments in their country which in a faster pace compared to countries who are conservative with cryptos. They are just following the footsteps of other successful island countries out there and I think the rest of the countries who barely have any economical risk should also follow.

They are just following the footsteps of other successful island countries out there and I think the rest of the countries who barely have any economical risk should also follow.