The Bahamas’ securities regulator is pushing for a new framework for token projects, aiming to turn the island nation into the jurisdiction of choice for blockchain startups.
The Securities Commission of the Bahamas has filed a draft of the new bill regulating token offerings not deemed securities. The bill lays out a procedure for registering such offerings and informing authorities and investors on the details of a token sale.
The draft was submitted for public consultations March 27 and comments will be gathered until May 28, Christina Rolle, executive director of the commission, told CoinDesk.
According to Rolle, the regulator is receiving a lot of comments and the consultation period will likely be extended for another month. Once it’s over, the document will be passed to the government of the Bahamas, and then to parliament. If everything goes as planned, the legislation may be passed this autumn, Rolle said.
Several other island nations have recently introduced various legislation aiming to attract crypto projects.
In Malta, the government passed three laws last June allowing to issue cryptocurrencies and trade in the country. The country scored a big win in the jurisdiction competition when Binance announced it was opening an office there in March. In Bermuda, a new law allows the projects carrying out initial coin offerings (ICOs) to apply to the minister of finance for fast approval. And Gibraltar, new legislation allowing the issuing and trading tokens is underway.
“In late 2017, we started receiving a lot of interest in the jurisdiction for the registration of tokens. When we started to benchmark what was happening around the world we saw that we needed to create a legal framework,” Rolle said.