SCB FITLink –Fintech Hub
SCB FITLink (Financial Innovation and Technology Link) is the Commission’s FinTech Hub, and was approved for launch in October 2019. SCB FITLink serves as the central point of contact for the Commission’s engagement with the public on various issues related to FinTech, such as virtual asset business, crowdfunding, distributed ledger technology, artificial intelligence and virtual initial offerings. The duties of the hub include:
- Assisting FinTech innovators and incumbents with navigating through the securities regulatory landscape.
- Researching, establishing and creating policy, rules and guidelines for FinTech-related products and services.
- Promoting investor education and other conditions that facilitate innovation and development of virtual asset businesses within The Bahamas.
- Consulting with domestic and/or overseas regulatory authorities regarding innovative technologies.
DARE Act, 2020
- What does the Digital Asset and Registered Exchanges Bill, 2020 (DARE Bill) regulate?
The DARE Bill seeks to provide regulation for:
- The issuance and sale of digital tokens;
- The conduct of persons issuing digital tokens; and
- Persons providing intermediary services related to the issuance of digital tokens.
- What type of license/registration would one need to operate a digital asset exchange?
Once the DARE Bill is passed, one would need to be registered under DARE Bill to operate a digital asset exchange. However, if you plan to use the exchange to trade tokens that are categorised as securities, you will need a license under the Securities Industry Act, 2011.
- If a person wants to issue tokens in accordance with the DARE Bill, what should be considered?
A person that wants to issue tokens must prepare an offering memorandum, apply through the Commission, and be considered fit and proper.
- If a person wants to learn more about the DARE Bill, how can information be retrieved?
SCB FITLink aims to assist innovators. If you would like to learn more about the upcoming DARE Bill and other FinTech initiatives, contact us at FITLink@scb.gov.bs.
Business Capital Rules, 2020
- What is the definition of crowdfunding?
The funding of a project or venture by raising monetary contributions from a large number of people (usually over the internet).
- What is a Crowdfund Offering Document?
A Crowdfund Offering Document is a disclosure document that is similar to a prospectus. It outlines all of the information that needs to be disclosed under crowdfunding rules.
- Who can be a supporter/investor of a crowdfund distribution?
Anyone can be a supporter of a crowdfund distribution.
- What is the Right of Withdrawal?
The time period in which supporters can receive a refund without question.
- If a person wants to learn more about the draft Business Capital Rules, how can information be retrieved?
SCB FITLink aims to assist innovators. If you would like to learn more about the upcoming Business Capital Rules and other FinTech initiatives, contact us at FITLink@scb.gov.bs.
- DARE Bill 2023 BIFS 2023 Financial Services Week Conference Baha Mar Christian Adderley 24 May 2023
- DARE Bill 2023 Town Hall Crypto Isle Christina Rolle 18 May 2023
- The Bahamas' Framework for Digital Assets Business Executive Director Christina Rolle 28 September 2022
- Industry Update - Digital Assets and Registered Exchanges Act, 2020 Managers Presentation 31 March 2022
- Digital Assets and Registered Exchanges Act 2020 – CCAF Fintech and Regulatory Innovation Live Session: Digital Assets Executive Director Christina Rolle 11 March 2021
- Digital Assets and Registered Exchanges Act 2020 - FinTech & Digital Tokens Virtual Symposium Presentation Executive Director Christina Rolle 4 March 2021
- Digital Assets and Registered Exchanges Act 2020 - The Role of Regulation in Facilitating Opportunities Presentation Christian Adderley 4 March 2021
- DARE to Innovate: Fintech Opportunities and The Role of Responsible Regulation Presentation Executive Director Christina Rolle 28 October 2020
- DARE to Innovate: Fintech Opportunities and The Role of Responsible Regulation Presentation Christian Adderley 28 October 2020
- DARE to Innovate: Fintech Opportunities and The Role of Responsible Regulation Presentation Dana Munnings-Gray 28 October 2020
- Fintech : Balancing Innovation & Regulation Presentation Executive Director Christina Rolle 01 March 2019
- Crowdfund/SME Financing Seminar Remarks Executive Director Christina Rolle 23 March 2017
- Crowdfunding & SME Financing Presentation Deputy Manager of the Office of the Executive Director Christian Adderley 23 March 2017
For all FinTech related complaints, please access the Complaints page for guidance.