FTX announced a new strategic step in the Bahamas that results in a more substantial presence for the company in that region. The news is about a license for this company that makes it the first digital asset business licensed The Bahamas DARE Act.
Besides, the company has appointed Ryan Salame as the CEO of the Bahamas subsidiary. The Bahamian subsidiary of FTX is called FTX Digital Markets. The Securities Commission of the Bahamas has chosen this company as the first digital assets business under the Digital Asset Registered Exchanges Bill or the “DARE Act.”
More Steps Toward Growth and Regulations
There are currently many companies working around the world in the blockchain industry. Many of them are active in regions that don’t necessarily need strict regulations, while others seek regulation to expand the business more firmly. FTX.com (FTX Trading Limited) is among those companies that seek growth in various regions under some regulated mechanisms. The latest growth step for this company happened in the Bahamas with a new license in the DARE act.
As mentioned above, the Securities Commission of Bahamas is responsible for this license. The Digital Asset Registered Exchanges Bill is an innovative regulation from the government to manage the activities of companies working in the digital assets market.
FTX is the first digital asset business under this license in the Bahamas. The new license helps the company expand operations in a more reliable process for the mainstream users. The ultimate result will be more users for this company and its platforms in the Bahamas. Besides, it paves the way to receive licenses in other countries and expands the user-base faster.
Sam Bankman-Fried, CEO & Founder of FTX, said:
“With this expansion through the DARE Act, we are further committing to providing all our clients with a safe, trustworthy, and compliant exchange. We are committed to maintaining a close working relationship with local regulators so that together we can navigate putting a comprehensive regulatory framework in place to help promote the growth of this nascent asset class.”
As mentioned above, the new license comes with another growth step for the Bahamas subsidiary of FTX company. The board of directors chose Ryan Salame, former Head of OTC at Alameda Research, as the CEO of FTX Digital Markets.
FTX plans to hire more Bahamians in its subsidiary for managing the operations and connections with regulatory entities like the Securities Commission of the Bahamas. They will also have key roles in finance, marketing, and software development in that subsidiary.