According to a announcement released by the Securities Commission of the Bahamas on Tuesday, the Bahamas wants to tighten up its crypto laws following the collapse of FTX. The crypto exchange’s headquarters were in the Caribbean nation.

In a statement, Christina Rolle, executive Director of the Bahamas regulator, stated that the new bill contains measures on stablecoins and proof of work mining, as well as stake. It could be “among the world’s most advanced digital-asset laws,” she said.

Sam Bankman Fried and his crypto-exchange FTX were based in the Bahamas, where crypto legislation was passed in 2020.

Bankman-Fried is accused of stealing corporate funds and spending them on luxury villas located in the Bahamas. He plead Not Guilty on fraud charges brought against him by the U.S. Department of Justice. has criticized poor governance during his tenure. is involved in a long-running legal dispute over jurisdiction with the Bahamas.

The Securities Commission of the Bahamas stated that under the new bill “operators of digital-assets exchanges must ensure the system and controls used to conduct their activities are appropriate and adequate for the size and nature of their business.”

The bill also covers crypto services such as advice, derivatives and staking. It also includes oversight of a href=”https://www.coindesk.com/learn/what-are-nfts-and how do they work/” rel=”noopener” target=”_blank>non fungible tokens/a>. The bill covers crypto services like advice, derivatives, and staking. It also includes oversight for non fungible tokens.

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Sandali Handagama, Mark Nacinovich and Mark Handagama edited the book.