A “substantial presence” in The Bahamas is being planned by Sam Bankman-cryptocurrency Fried’s exchange, FTX.
After receiving key regulatory approval in The Bahamas, FTX, one of the world’s largest cryptocurrency exchanges, has continued its expansion efforts.
As of Sept. 20, FTX Digital Markets, the Bahamian subsidiary of the global FTX crypto exchange, has been approved as an official digital asset business by the Securities Commission of The Bahamas, according to the company.
In accordance with the Digital Asset Registered Bill of The Bahamas, the country’s new digital asset-related legislation, which is slated to come into effect in late 2020, the regulatory approval has been obtained.
Under the name DARE Act, the legislation creates a complete regulatory framework for digital asset activities in The Bahamas, which includes the regulation and supervision of virtual asset service providers.
FTX’s regulatory license will assist the exchange in establishing a “substantial presence” in The Bahamas as it continues to expand its global reach. Ryan Salame, formerly the head of over-the-counter trading at Alameda Research, has already joined FTX Digital Markets as CEO, and will be responsible for overseeing the company’s regional projects.
We are confident in our ability to work closely with regulators in order to ensure that our offerings are compliant in multiple jurisdictions, according to Salame. “The relationship we have developed with local regulators culminated in us being authorized under the framework provided by the DARE Act,” he added.
As part of its new expansion into The Bahamas, FTX does not indicate which crypto services it intends to offer there. After contacting FTX, Cointelegraph will update this story if additional information becomes available.
According to CoinMarketCap data, FTX is one of the world’s largest cryptocurrency exchanges, with daily trading volumes of more than $3.5 billion at the time of this publication.
Following the completion of a $900 million investment round in July, the corporation has been busy expanding its operations and purchasing important industry competitors. The company announced the acquisition of LedgerX, a licensed options and futures trading platform in the United States, in late August.
