Caribbean/BS/Comparables
The Bahamas
Securities Commission of The Bahamas
The Bahamas rewrote the FTX-era statute. DARE 2024 (No. 40 of 2024) is the live book for issuance, sale and trade of digital assets in or from the Islands, with SCB registration of digital asset businesses and exchanges. A 2026 DAO Bill would let a decentralised organisation register with a responsible person. That is legal personality for DeFi, not Form TR.
DARE
2024 No. 40
Regulator
SCB
DAO bill
2026
Similar regulation
The statute book
Primary instruments, with the RCA job each one actually does. Links open the official text.
- In force
Issuance + exchange registration — CASP and offering in one statute
- Consultation
Travel Rule operationalisation — not an offering exemption
Translation
Rule 100–500 map
| RCA | Peer | Fit | Desk |
|---|---|---|---|
| Rule 100 CIC | Digital asset under DARE | Partial | Statutory digital-asset definition plus SCB registration. No Howey wrapping. |
| Rule 103 disclosure | DARE issuance / offering disclosure to SCB | Partial | Regulator-facing issuance file, not a five-principle website. |
| Rule 200 $5M | None | No analogue | No dollar-capped startup exemption. |
| Rule 300 fundraising | Registered digital-asset issuance in or from The Bahamas | Partial | You register to issue. You are not exempted from a Securities Act. |
| Rule 400 safe harbor | DAO Bill 2026 (registration of a DAO with a responsible person) | No analogue | Legal personality and a named accountable person — the opposite of deemed-cessation. |
| Rule 500 preemption | Bahamas-only | No analogue | No passport. |
Analysis
What the file is
DARE was first passed in 2020 and rewritten as the Digital Assets and Registered Exchanges Act 2024 after the FTX collapse, which was a Bahamian supervision failure the Commission does not pretend otherwise. The live perimeter is issuance, sale and trade of digital assets in or from The Bahamas, plus registration of digital asset businesses and registered exchanges. SCB licence lists are the public evidence. A 2026 AML rules consultation would hard-wire continuous monitoring of VASP and unhosted-wallet counterparties.
Research
The record
- SCB enforcement around FTX remains the cautionary exhibit. Registration is not a solvency finding.
- The DAO Bill, as described to Parliament in 2026, is registration-plus-accountable-person. Attach the Bill text when it is gazetted; until then, cite it as a bill.
Ideation
What to file
- Rule 400 comments: if you want a named person on the file after decentralisation, the Bahamas DAO shape is the exhibit. If you want the CIC to vanish, it is the counter-exhibit.
- Do not use ‘Bahamas regulated’ without the SCB registration number and the activity.
Analysis
What the file is
DARE was first passed in 2020 and rewritten as the Digital Assets and Registered Exchanges Act 2024 after the FTX collapse, which was a Bahamian supervision failure the Commission does not pretend otherwise. The live perimeter is issuance, sale and trade of digital assets in or from The Bahamas, plus registration of digital asset businesses and registered exchanges. SCB licence lists are the public evidence. A 2026 AML rules consultation would hard-wire continuous monitoring of VASP and unhosted-wallet counterparties.
Primary sources on file
Digital Assets and Registered Exchanges Act 2024 — Securities Commission of The Bahamas
Securities Commission of The Bahamas/1 Jan 2024/RCA review 10 Sept 2026
Primary regulatory
RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.