Galaxy Bahamas approved as digital asset business by Bahamas Securities Commission

02/14/2023 16:16 • Metaverse Matters • 260 views

It is reported that Galaxy Bahamas, a subsidiary of Mike Novogratz’s cryptocurrency investment company, was approved by the Bahamas Securities Commission in December to register as a digital asset business in accordance with its Digital Assets and Registered Transactions Act of 2020.

Galaxy Bahamas was approved by the Bahamas Securities Commission to register as a digital asset business

Interpret the above information:

The Bahamas Securities Commission has approved Galaxy Bahamas, a subsidiary of Mike Novogratz’s cryptocurrency investment company, to register as a digital asset business. This decision is in accordance with the country’s Digital Assets and Registered Transactions Act that passed in 2020.

This approval means that Galaxy Bahamas can operate as a regulated digital asset business under the guidelines set by the Bahamas Securities Commission. The company will be subject to ongoing monitoring and reporting requirements, and will need to comply with anti-money laundering and counter-terrorism financing regulations.

The approval of Galaxy Bahamas is a significant step for the growth of the cryptocurrency industry in the Bahamas. With this approval, the country is signaling its commitment to becoming a leading jurisdiction for digital asset businesses. This is no surprise given the Bahamas’ reputation as a leading offshore financial center.

The decision by the Bahamas Securities Commission to approve Galaxy Bahamas as a digital asset business also demonstrates the increasing acceptance of cryptocurrencies and blockchain technology in the mainstream financial industry. As more institutional investors such as Novogratz’s firm invest in cryptocurrencies, regulators around the world are following suit and developing regulatory frameworks to accommodate the growing industry.

Overall, the approval of Galaxy Bahamas is a promising development for the cryptocurrency industry in the Bahamas and beyond. It represents a significant step towards mainstream adoption of digital assets and the integration of blockchain technology into the global financial system.

Keywords:

Galaxy Bahamas: cryptocurrency investment company

digital asset business: a company that deals with digital assets

Bahamas Securities Commission: a regulatory body in the Bahamas

Digital Assets and Registered Transactions Act: a law passed in 2020 regulating the digital asset industry

cryptocurrencies and blockchain technology: new technologies that are poised to disrupt the financial industry.

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