The company said in a statement that it has registered with the commission under the DARE Act of 2020.
FTX Trading Limited (FTX), owners of cryptocurrency exchange FTX, announced its Bahamian subsidiary has been registered by the Securities Commission of the Bahamas. The subsidiary, FTX Digital Markets, was registered as a digital asset business under the Digital Asset Registered Exchanges Bill (DARE Act). In doing so, FTX has become the first digital asset business listed under the DARE Act.
The news was shared via the personal Twitter account of FTX’s CEO, Sam Bankman-Fried. In the tweet, Bankman-Fried said that “Today we’re proud to announce that FTX has been registered with the Securities Commission of The Bahamas under the DARE Act of 2020.” In a series of follow-up posts, Bankman-Fried went into details as to what the news means and what the future of FTX is in the Bahamas. Bankman-Fried said that the company will be building a headquarters in the Bahamas and that “As governments all over the world look to regulate the cryptocurrency industry, I hope that The Bahamas and the DARE Act can serve as a guidepost.” He adds that FTX is “excited to be one of the first global crypto exchanges to be part of a comprehensive spot + derivatives regulatory regime.” Bankman-Fried hopes that with the expansion via the DARE Act that FTX will be able to better provide clients with safe and trustworthy exchange to use.
FTX establishing a foothold in the Bahamas
As part of the press release from FTX, the company announced that Ryan Salame would be appointed as the CEO of FTX Digital Markets in the Bahamas. Salame, formerly the Head of OTC at Alameda Research will be in charge of leading local initiatives for FTX Digital Markets. Salame was quoted as saying that “I’m excited to plant the flag for FTX in The Bahamas. 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.”
The statement from FTX goes on to say that the team will be working with a team of Bahamian partners along with the Securities Commission to secure regulatory approval. Plans are also in motion to hire locals to fill key roles in finance, marketing, and software development for FTX Digital Markets.
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