Executive Director of the Securities Commission of The Bahamas, Christina Rolle recently spoke with ZNS News about the merits of the changes proposed for the Digital Assets & Registered Exchanges (DARE) Act.

She said, “the new DARE bill also addresses conflict of interest within the framework of a digital asset business as well as a framework for the operational aspects of exchanges. Previously under the Securities Industry Act, this is also a modernization point, the offence of tipping off was not included and we’ve now created the offence of tipping off. And tipping off, of course, is if someone is under investigation they shouldn’t be tipped off that they are under investigation. So if I’m coming to you for information on that person, you shouldn’t tip that person off.”

The Commission is also working to change other pieces of financial legislation. Rolle said, “we have some concern in the money lender space. You may note that the commission is also the regulator for financial and corporate service providers. We’ve had some concerns in the money lenders space and you’re probably going to see some action from us soon in that space also in developing a comprehensive rules with respect to money lending.”

The DARE Act provides a legal framework for the exchange of digital assets in the country.

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