Bahamas to Introduce Advanced Digital Asset Legislation

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Following the collapse of FTX, a crypto exchange headquartered mostly in the Caribbean island, the Bahamas is attempting to tighten its crypto rules. The new bill, which contains provisions for stablecoins, proof-of-work mining, and crypto staking, has the potential to be “among the most advanced pieces of digital asset legislation in the world.” It will also include a “new and comprehensive regulatory framework for stablecoins,” which seek to fix their value to other assets such as fiat currency, as well as crypto services such as advice, derivatives, and crypto staking, as well as non-fungible tokens (NFTs) classified as financial assets.

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The Sandbox, a decentralized metaverse platform, has announced a collaboration with security solution provider Ledger Enterprise to create security integration for its partners, who will have their nonfungible token collections converted to the Ledger wallet. The Sandbox will be available as a DApp on Ledger Enterprise, as well as a widget in the Ledger Live desktop application. The Sandbox collection wallet will have all NFTs transferred to the Ledger Enterprise wallet, and The Sandbox will advocate Ledger Enterprise to its LAND owner network. Ledger raised an additional $109 million in a Series C investment round extension, valuing the company at $1.4 billion. Snoop Dogg, Gucci, Tim, Atari, HSBC, and Warner Music Group are among the companies that have lately teamed with The Sandbox.

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