May 19,2019 at 08:38 pm

The aiming to turn the island nation into the jurisdiction of choice for blockchain startups has began as the Bahamas’ securities regulator is pushing for a new framework for token projects.

The Securities Commission of the Bahamas has filed a draft of the new bill regulating token offerings not deemed securities. The bill lays out a procedure for registering such offerings and informing authorities and investors on the details of a token sale.

Christina Rolle, The executive director of the commission, told coindesk; The draft was submitted for public consultations March 27 and comments will be gathered until May 28.

According to Rolle, "the regulator is receiving a lot of comments and the consultation period will likely be extended for another month. Once it’s over, the document will be passed to the government of the Bahamas, and then to parliament. If everything goes as planned, the legislation may be passed this autumn."

“In late 2017, we started receiving a lot of interest in the jurisdiction for the registration of tokens. When we started to benchmark what was happening around the world we saw that we needed to create a legal framework,” Rolle said.

She added that other regulatory bodies in the Bahamas, including the Ministry of Finance, also have been getting inquiries from token projects looking for a jurisdiction to register.