The organization behind the FTX exchange called FTX Trading Limited has declared that its subsidiary in the Bahamas has been successfully registered with the “Securities-Commission” working under the Bahamas. The subdivision, named FTX Digital markets, had been filed for its registration to be a business of digital assets as per the bill named DARE Act (Digital-Asset-Registered-Exchanges-Bill). In this way, FTX has achieved the status of being the initial business of digital assets being categorized under the dominion of the DARE-Act.
The registration: a landmark
The news about the event was delivered through the official Twitter account of Sam Bankman-Fried (the CEO of FTX). In his posted tweet, he stated to be proud of being registered under the Bahamian “Securities-Commission” according to the 2020’s DARE-Act of the country. Bankman-Fried elaborated more about the subject of the FTX’s future in the industry via a series of the next Twitter posts. He mentioned that the headquarters of the firm would be built in the respective country (Bahamas), and the DARE-Act of Bahamas will prove to be a milestone in the way the governments all around the world regulate the industry of cryptocurrency.
He added that he is hopeful about the company becoming the earliest exchange of cryptocurrency throughout the world that is included in the regime of a “comprehensive-spot” along with “derivatives-regulatory”. Bankman-Fried aspired that the ability to provide trustworthy and safe usage of the exchange will be acquired and improved by FTX with the help of the DARE Act.
FTX strengthening its position under the Bahamas
As a portion of the official press release issued by FTX, the firm pronounced Ryan Salame to be the FTX-Digital-Markets’ CEO in the state of Bahamas. Formerly, Salame worked as the OTC’s head at Alameda-Research. Under FTX, he will be doing the role of the in-charge of prominent local initiatives regarding FTX-Digital-Markets. He also expressed that he is thrilled about having this opportunity to raise the FTX flag in the Bahamian state. The mutual relationship with the native regulators has been promoted through an authorized status of the company, he asserted. The DARE-Act gives the organization great confidence regarding the capability to operate in a close association with the regulatory authorities for being assured of its respective offerings to be complying with multiple jurisdictions.
The FTX’s statement went on to reveal that the company will take assistance from its associates to obtain approval from “Securities-Commission”. It also disclosed the intentions to appoint locals for the key posts in software, marketing, and finance development of FTX-Digital-Markets.