$BTC The global regulatory landscape for digital assets is undergoing significant transformation, with several countries introducing comprehensive legislation to address the evolving nature of cryptocurrencies and digital asset markets.
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đ§đ¸ The Bahamas: Digital Assets and Registered Exchanges (DARE) Act 2024
In July 2024, The Bahamas enacted the Digital Assets and Registered Exchanges (DARE) Act 2024, building upon the foundation laid by the DARE Act 2020. This legislation introduces comprehensive reforms designed to address the evolving landscape of digital assets and cryptocurrency markets. Key provisions include:
Expanded Regulatory Scope: The Act broadens the range of digital asset activities subject to regulation, ensuring that emerging digital asset businesses operate within a clear legal framework.
Governance Requirements: Registrants are mandated to appoint qualified Chief Executive Officers who possess a meaningful understanding of the digital asset business and its associated risks.
Risk-Based Approach: Financial institutions are encouraged to adopt a risk-based approach, factoring in their board-approved risk appetite and resources to promptly identify, measure, and mitigate risks posed by digital assets.
The DARE Act 2024 is expected to solidify The Bahamas' reputation as a competitive yet well-regulated environment for digital asset businesses .
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đşđ¸ United States: Financial Innovation and Technology for the 21st Century (FIT21) Act
In May 2024, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with a 279â136 vote, reflecting strong bipartisan support. The bill aims to establish a tailored regulatory framework for digital assets by:
Defining Regulatory Jurisdiction: The Commodity Futures Trading Commission (CFTC) is granted authority over digital assets classified as commodities, while the Securities and Exchange Commission (SEC) oversees those deemed securities.
Establishing Asset Categories: Digital assets are categorized based on the decentralization and functionality of their underlying blockchain networks.
Exempting Certain Stablecoins: The legislation excludes permitted stablecoins from CFTC and SEC regulation, except regarding anti-fraud authority and specified transactions on registered entities .
Despite opposition from SEC Chair Gary Gensler and the Biden administration, which expressed concerns about potential regulatory gaps and investor risks, the bill's passage marks a significant step toward regulatory clarity in the U.S. digital asset industry .
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đŹđ§ United Kingdom: Draft Legislation for Crypto Regulation
In April 2025, the UK government unveiled draft legislation to regulate cryptocurrency exchanges, dealers, and agents for the first time. The proposed regulations aim to:
Enhance Transparency and Consumer Protection: Crypto firms operating in the UK will be required to meet clear standards on transparency, consumer protection, and operational resilience.
Curb Misconduct: By bringing crypto exchanges and dealers under compulsory regulation, the UK seeks to crack down on bad actors while supporting legitimate innovation in the crypto-asset sector.
The legislation is expected to be finalized by the end of 2025, aligning with the UK's broader financial services growth strategy .
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đ Global Implications
These legislative developments reflect a global trend toward establishing clear regulatory frameworks for digital assets. By defining regulatory responsibilities, enhancing consumer protections, and promoting innovation, countries aim to foster sustainable growth in the digital asset sector while mitigating associated risks.
