The Act gives Delchain space to oversee crypto transactions more securely.
NASSAU, Bahamas, Jan. 19, 2022 (GLOBE NEWSWIRE) -- Delchain, a leading digital asset financial institution, today announces the registration of its license as a business under The Bahamas' Digital Assets and Registered Exchanges (DARE) Act. The DARE Act provides a comprehensive regulatory framework guided by rules and codes of practice, allowing clients to conduct digital asset transactions in an organized and supervised environment.
Delchain offers a regulated digital asset and financial services platform for institutional investors, corporations, and HNWI, which combines access to multi-currency fiat banking with a full suite of secure and sophisticated digital asset services, including custody, trading, staking, and initial offering advisory.
With Delchain's approval under the DARE Act from the Securities Commission of the Bahamas, the Company eyes expansion of its offerings aligned with continued growth and development seen in the digital asset industry.
"There aren't many providers that have breadth and depth of digital asset services under one roof like Delchain, which is a big part of the value we bring to our clients. Delchain's registration under The DARE Act helps to solidify the commitment we made to our clients on growing our offerings and providing more value to their experience, in a transparent and compliant manner," said Bruno Macchialli, Delchain CEO.
The cryptocurrency exchange FTX also made a similar move in September last year with their registration under the DARE Act. The announcement of two cryptocurrency leaders being registered with the Securities Commission of The Bahamas in the past few months shows that the country is gaining a foothold as a cryptocurrency hub.
These registrations also signal a good relationship between local regulators and exchanges in the Bahamas underpinned by the DARE Act. If customers know that exchanges will be compliant with local regulators, they can have confidence when conducting transactions.
The total number of unique cryptocurrency users worldwide increased by 189% in 2020, with the total amount of accounts increasing 37%. The DARE Act hopes to harness these recent developments in cryptocurrency to protect market integrity and curb illicit activity while the market grows.
"The Bahamas' Digital Assets and Registered Exchanges Act, (DARE) is truly a game-changer and is poised to attract global innovators and entrepreneurs in fintech to The Bahamas, as they look to enjoy the credibility of being licensed under a comprehensive regulatory regime," affirmed Bruno Macchialli.
Delchain is a licensed digital asset and financial services platform for institutional investors, corporations and HNWI combining multi-currency fiat banking with a full suite of secure and sophisticated digital asset services, including custody, trading, staking and initial offering advisory.
Delchain Limited (Delchain) is a Financial and Corporate Service Provider registered under The Bahamas' Digital Assets and Registered Exchanges (DARE) Act, regulated by the Securities Commission of The Bahamas. Delchain is a part of the Deltec International Group with offices in The Bahamas and Singapore.
Image 1: Delchain
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