Saturday, November 10, 2018

Govt prepares for crypto regime

By Paige McCartney

The Central Bank of The Bahamas (CBOB) has released a discussion paper outlining the regulatory framework it proposes as it prepares for the introduction of crypto assets to the financial services industry.

The CBOB outlined the key challenges raised by standards-setting bodies (SSB) like the International Monetary Fund (IMF) — of payments-focused crypto assets, including tax evasion since cross-border transactions using crypto assets tend to be anonymous;unstable valuation caused by fluctuating demand; fraud, as the sale of such assets via initial coin offerings (ICO) is mostly unregulated; scalability, given unpredictable and volatile transactions costs; and money laundering and/or terrorist financing.  Read more >>