The Bahamian Parliament passed the Digital Assets and Registered Exchanges Bill in November 2020, making it one of the first pieces of legislation in the world to provide registration and legal standing for digital assets. The Bahamas was ranked first in the crypto regulation league by 2020.
Legal entities wishing to obtain cryptocurrency licences in the Bahamas or conduct operations from its territory must be certified in line with the provisions of this legislation. An application in special form, stating the type of activity, must be filed along with the papers required by the Law.
The Bahamas is a country in the northwestern West Indies, lying 80 kilometres (50 miles) south of Florida’s (USA) coast and north of Cuba. The Caribbean island chain comprises of over 700 islands and islets, as well as over 2,000 cays (coral reefs). There are only about 30 inhabited islands.
According to Worldometer’s elaboration of the most recent United Nations data, the current population of the Bahamas is 403,925 as of Tuesday, May 9, 2023. According to UN data, the Bahamas 2020 population is predicted to be 393,244 people at the mid-year point.
While English is the official language of the Bahamas, people talk in a Bahamian dialect that has given rise to a plethora of distinctive slang words and phrases. You might want to brush up on your island jargon before your vacation. Here are five of the most commonly heard phrases in the Bahamas.
The legal system in the Bahamas is based on English common law, which has been supplemented since 1964 by an American style of constitutionalism that states the presence of certain fundamental principles that must be obeyed and enforced. The Constitution guarantees certain rights.
|License:||Digital Asset Business License|
|Timeframe for Approval:||Within 6 months|
|Regulator:||Securities Commission of the Bahamas|
|Local Director:||Minimum 1 director (can be only natural persons, no nationality or residency restrictions)|
|Local Shareholder:||Minimum 1 shareholder (can be natural or legal persons, no nationality or residency restrictions)|
|Local Registered Office:||Required|
|Corporate Tax Rate:||25% for listed companies and 35% for unlisted public and private limited companies|
|Minimum Paid-up Capital:||50,000 Bahamian dollars|
The steps that follow will be taken in order to receive a licence:
(including but not limited to directors, shareholders and beneficial owners)