NASSAU, Bahamas—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, a new report indicates.
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, explained CoinDesk.
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, CoinDesk noted.