Bahamas Crackdown On Cryptocurrency And ICOs

The Bahamas has introduced plans to clamp down on cryptocurrency and preliminary coin offering (ICO) scams.

According to a assertion launched via way of means of the country`s Minister of Finance, Grant Gibbons, all ICOs are actually banned withinside the Caribbean nation. The assertion additionally states that all people concerned in scams could be prosecuted to the fullest volume of the law.

The pass comes after numerous reviews closing 12 months that claimed that many ICOs had been getting used as manner for criminals to launder money.

Gibbons said: the Government of The Bahamas is dedicated to making sure that each one folks and entities working inside our jurisdiction follow neighborhood legal guidelines and regulations. He added: This consists of cryptocurrencies and virtual currencies.

The authorities will take movement in opposition to people who use cryptocurrencies or virtual currencies for crook activities, he continued. We will keep to paintings with our companions at domestic and overseas to make certain that there may be no room for people who could abuse those technology for crook purposes.