FTX, one of the world’s largest cryptocurrency exchanges, continues to expand its business with major regulatory approvals in the Bahamas.
The Bahamas Securities Commission has announced the registration of FTX Digital Markets, the Bahamian subsidiary of global cryptocurrency exchange FTX, as an official digital real estate company, the company said on September 20.
Regulatory approval is issued pursuant to the Bahamas Digital Asset Registration Act, the country’s new digital asset legislation that took effect in late 2020. The law, also known as the DARE Act, establishes a comprehensive regulatory framework for digital asset transactions in the Bahamas, which regulates and monitors Virtual asset service providers.
The regulatory clearance will help FTX establish a “significant presence” in the Bahamas as the stock market continues to expand its global presence. Ryan Salameh, the former head of OTC trading at Alameda Research, has already joined FTX Digital Markets as CEO and will be responsible for managing local FTX initiatives.
“The relationship we have established with local regulators, culminating in obtaining a license within the framework provided by the DARE Act, gives confidence that we can work closely with regulators to ensure that our proposals meet the requirements of the various jurisdictions,” he said. . Hello. And therefore.
FTX has not specified which crypto services it plans to deploy in the Bahamas as part of the new expansion. Cointelegraph has contacted FTX and will update its pending registry with new information.
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According to CoinMarketCap data, FTX is one of the largest cryptocurrency exchanges in the world, with a daily trading volume of over $3.5 billion at the time of writing. The company is actively expanding its business and acquiring major players in the industry after completing a $900 million funding round in July. At the end of August, the company announced the acquisition of LedgerX, a licensed US options and futures trading platform.