THE BAHAMAS
The Bahamas (SCB)
The regulatory body responsible for the issuing of Bahamas digital asset licences and monitoring financial services activities is the Securities Commission of The Bahamas, also known as the SCB. The Bahamas regulator was established to provide a regulatory framework for all financial companies including digital assets regulation from rule making and investigatory practices, to powers of enforcement and ensuring statutory conditions are met.
Digital Assets LICENCE
Regulations
More about regulations.
Capital Requirements
More about capital requirements.
Physical Presence
If engaging in the business of dealing or arranging deals, you must have a physical presence in The Bahamas. You must also designate a Compliance Officer and a Chief Executive Officer who must be located in The Bahamas. Each must pass fit and proper tests and be approved persons by the regulator.
Approved Persons
The experience and qualifications of personnel constitute one of the most important elements of a successful application. It is very important to be able to locate and select qualified individuals, who would constitute the minimum required key personnel of your firm. These individuals must be approved by the regulator.
We can handle all relevant subjects which include selection of the personnel, immigration and work permits, drafting employment contracts and, most importantly, check adequacy of the candidates against the key position in your firm.
Other Requirements
The regulator requires you to disclose most all aspects and details of your business. Our business is to ensure you meet the regulator's requirements, and we will review what you currently have or complete what is needed for you.
- Business and Financial Plan
- Supervisory and AML/CTF Manuals
- KYC of beneficial owners, directors, controllers and affiliates
- Proof of Professional Indemnity Insurance
Reporting and Auditing
- Capital adequacy requirements must be calculated regularly
- Annually, an audited financial statement
- Quarterly, interim financial statements prepared in accordance with generally accepted accounting principles
- As needed, any material changes to the firm, its operations or people
Banking
The Bahamas has a number of options to choose from banks serving the financial services sector. We will facilitate bank introductions and account openings.
Institutional Relationships
The Bahamas reputation as a sound jurisdiction is widespread and the country has close ties with the US, UK and Europe. Establishing institutional relationships with liquidity providers and prime brokers not so difficult, because The Bahamas is recognized throughout the world. We will help you establish the institutional relationships you need to build a successful business.
Scope of Service
When you engage with us, our scope of service covers all of the aspects you need in order to get your crypto licence:
- Provision of regulatory guidance
- Company incorporation
- Approved Person’s fit and proper tests - Employing local directors, officers and staff
- Establishing an office
- Facilitating bank accounts
- Introduction to accountant and auditor relationships
- Management and supervision of the application
- Preparation of all client-facing legal documents including client business terms and disclosures
- Completing the business plan, compliance manuals, employment and outsourcing agreements
Licensing Timeline
More about timeline.