FTX – among the top-tier crypto exchange entities in the world – has reportedly widened the scope of its business via successfully securing regulatory green light to function in The Bahamas.
Specifically, the Securities Commission of The Bahamas has reportedly completed the registration of FTX Digital Markets – the Bahamas-based division of the international FTX crypto exchange, to officially operate as a digital asset.
The regulatory go-ahead was reportedly authorized under the Digital Asset Registered Bill of The Bahamas – the freshly introduced crypto asset-centric regulation, effective starting late last year.
Alternatively referred to as the DARE Act, the legislation reportedly came up with a comprehensive regulatory framework dedicated to virtual assets operations across The Bahamas, regulating and supervising virtual asset service providers.
The regulatory green light will reportedly make it possible for FTX to form a “substantial presence” in The Bahamas, following the entity’s efforts in widening the scope of its global footprints.
Ryan Salame, former head of over-the-counter trading at Alameda Research, has reportedly embarked on a new journey at FTX as its Head and will be in charge of managing FTX’s local initiatives.
“The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act gives me confidence that we’ll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions,” Salame reportedly remarked.
FTX did not offer details on the type of offerings available in The Bahamas.