As per the latest reports, the FTX exchange has made an announcement for the cryptocurrency community. The firm has revealed that it is promising news for the cryptocurrency community-based in the Bahamas and it is related to its expansion. The reports suggest that FTX cryptocurrency exchange is planning to expand its services to the Bahamas.
FTX, which is one of the largest cryptocurrency exchanges in the entire world has announced that it has successfully acquired approval from the regulatory authority of the Bahamas. With the approval, the exchange will now be able to add the Bahamas to its new area of coverage.
With the latest approval acquisition, FTX exchange has revealed that it is not going to stop until it successfully provides its services globally.
The exchange officials have confirmed that it is the Securities Commission in the Bahamas that has given the approval to the exchange. Following the approval, it will be the subsidiary of FTX cryptocurrency exchange, FTX Digital Markets that will be providing cryptocurrency services in the Bahamas.
The exchange officials have confirmed that in the Bahamas, the exchange will launch its official digital asset business. The announcement in regards to the launch of the services in the Bahamas was made by the exchange officials on Monday, September 20, 2021.
According to the executives of the FTX exchange, the approval has been given by The Bahamas regulator under the Digital Asset Registered Bill. This is the latest bill that has been approved in the Bahamas and it was back in 2020 when the new legislation had been introduced/implemented. In the Bahamas, the particular bill is also dubbed as the DARE Act.
Under the DARE Act, a very streamlined and detailed regulatory framework has been designed and implemented around cryptocurrencies and digital assets. The act is also known for actively supervising service providers of the virtual asset service.
With the approval to operate in the Bahamas, the exchange will now have the opportunity to expand itself in the Bahamas with full force. It will be able to demonstrate substantial presence and growth in the Bahamas. The exchange will be able to provide services to the residents of the Bahamas and let them benefit from its services.
The exchange has also revealed the person responsible for the management of local initiatives for the exchange in the Bahamas. The person responsible for the particular role is Ryan Salame, who was also popular in the cryptocurrency verse for being the former OTC head at Alameda Research.
According to the FTX executives, Salame will be responsible for partnering with the local firms aiming to explore the crypto-blockchain sector in the Bahamas. This way, more exposure will be brought towards the cryptocurrency for the Bahamas.