TechFlow reports, according to documents released by the Securities Commission of The Bahamas, that the country plans to introduce new cryptocurrency legislation encompassing regulatory measures for stablecoins, proof-of-work (PoW) mining, and crypto staking.
The document also states that operators of digital asset exchanges must ensure that the systems and controls used in their operations are adequate and appropriate for the scale and nature of their business.
The bill will introduce a "new, comprehensive stablecoin regulatory framework," aiming to peg the value of stablecoins to fiat currencies or other assets. It will also extend to cover crypto-related services such as advisory services, derivatives, and crypto investments, including NFTs classified as financial assets.
