Detailed overview
The Bahamas at a glance
The Bahamas is a tax-neutral Caribbean centre that rebuilt its crypto regime after FTX and runs the world's first CBDC. Crypto is governed by the DARE Act 2024 (administered by the SCB): a comprehensive, IOSCO/FATF-aligned regime requiring registration for exchanges, custody, payments, staking, advice, derivatives, node services and stablecoin issuance, with strict client-asset segregation and bans on algorithmic stablecoins and privacy tokens. Payments run through the Central Bank (money transmission, PSPs, and the Sand Dollar CBDC) under the Payment Systems Act; banking under the Banks and Trust Companies Regulation Act. Gambling, under the Gaming Act 2014, is two-tiered: resort casinos serve tourists only (residents prohibited), while licensed "web shops" serve residents — and the Bahamas does not license offshore online gambling.
Crypto regime — comprehensive, rebuilt post-FTX:
- DARE Act 2024 (in force 29 July 2024) — repealed and replaced the DARE Act 2020; a deliberate post-FTX and post-Terra/UST overhaul, aligned with IOSCO and FATF standards; the SCB is the regulator
- Broad licensable scope — registration is required for operating an exchange, fiat/crypto and crypto/crypto exchange, payment services using digital assets, order execution/placement, stablecoin issuance, reception/transmission of orders, transfer, custody, advice, management, DLT node services, anonymity-enhancing services, derivative services and staking
- Client-asset protection — customer digital assets must be kept "separate and insulated" from the firm's own funds, a direct response to the FTX/Alameda commingling failure
- Stablecoins — fiat-backed stablecoins face reserve, custody and redemption requirements with ongoing reporting; algorithmic stablecoins are prohibited, and the SCB can halt or delist a non-compliant stablecoin
- Prohibitions/restrictions — privacy tokens may not be offered; mining as a business is restricted (allowed only ancillary to a registered business or as proprietary mining); NFTs are treated by function (financial or consumer asset); security tokens fall under the Securities Industry Act 2024
- Fees and timing — broadly USD 18,750 (exchange) or USD 12,500 (other activities); registration typically 6–12 months
- AML and integrity — Financial Transactions Reporting Act 2018, Anti-Terrorism Act 2018, the Beneficial Owner Registry Act 2018 and DARE Rules; co-supervision by the SCB, the Central Bank and the FIU
- Tax — no income, capital-gains, inheritance or dividend tax; a 15% corporate income tax applies from 2025 to in-scope large multinationals; VAT and stamp duty apply
Payments and e-money regime (Central Bank-led; home of the Sand Dollar):
- Central Bank of The Bahamas — licenses banks, money transmission businesses (MTBs) and payment service providers (PSPs); oversees payment systems under the Payment Systems Act 2012
- Sand Dollar — the world's first fully deployed central bank digital currency (launched October 2020), a digital Bahamian dollar that is legal tender and a direct claim on the Central Bank, distributed through authorised financial institutions (banks, MTBs, credit unions, PSPs) via tiered wallets under the Central Bank of The Bahamas (Electronic Bahamian Dollar) Regulations 2021
- No EU-style e-money passport — the Bahamas is outside the EU/UK single markets; e-money issuance is addressed through the Payment Systems Act and the CBDC framework
- Banking — the Banks and Trust Companies Regulation Act; a substantial international banking and wealth-management sector
- Currency: the Bahamian dollar (BSD), pegged 1:1 to the US dollar; exchange controls apply to the Bahamian dollar
Gambling regime — a strictly two-tiered domestic market:
- Gaming Act 2014 (and 2014 Regulations/2015 Rules) — modernised the sector under the Gaming Board for The Bahamas, replacing the 1969 regime and bringing the previously informal domestic market into licensing
- Casinos (tourists only) — three resort casinos (Atlantis, Baha Mar, Resorts World Bimini) serve tourists and non-residents; Bahamian citizens, permanent residents and work-permit holders are legally prohibited from gambling in them
- Web shops (residents only) — licensed Gaming House Operators serve Bahamian residents with domestic online lottery (numbers), sports betting and casino-style games via a physical retail network; operators include Island Luck, Chances and others
- Not an offshore online-gambling hub — only licensed domestic operators may offer online services, and only to residents; the Bahamas does not license remote-gambling operators to serve foreign markets
- AML and integrity — Financial Transactions Reporting (Gaming) Regulations 2014; KYC; certified gaming systems; a Gaming Board–FIU MoU; minimum age 18
- Reform — a bill to allow Bahamian residents to gamble in resort casinos has been debated but, as of early 2026, has not been enacted
Last verified: May 2026. Reference rate: USD 1 = BSD 1.00. The Bahamian dollar is pegged at par to the US dollar (USD is widely accepted); the Bahamas operates exchange controls on the Bahamian dollar.
The Bahamas is a tax-neutral, multi-regulator centre: the SCB runs a comprehensive, post-FTX crypto regime under the DARE Act 2024 (broad activity scope, strict custody segregation, fiat-only stablecoins, no privacy tokens), the Central Bank licenses payments and issues the world-first Sand Dollar CBDC, and gambling is a closed two-tiered domestic market — tourist-only casinos and resident-only web shops — with no offshore online-gambling licensing.
Is there a crypto licence in the Bahamas?
Yes — a comprehensive one, rebuilt after FTX. Under the DARE Act 2024, the Securities Commission registers a wide range of digital-asset businesses (exchanges, custody, payments, staking, advice, derivatives, node services and stablecoin issuance), with strict client-asset segregation and a tight stablecoin regime. Algorithmic stablecoins and privacy tokens are banned.
The legal foundation:
- DARE Act 2024 — registration and conduct regime for digital-asset businesses (SCB)
- DARE Rules and Fees Rules 2024 — application content, conduct and fees
- Securities Industry Act 2024 — security tokens
- FTRA 2018, Anti-Terrorism Act 2018, Beneficial Owner Registry Act 2018 — AML/CFT and transparency
Structure:
- A Bahamian entity with SCB registration for the relevant activity; fit-and-proper principals; governance, custody, disclosure and financial-reporting frameworks
- Client digital assets kept separate and insulated from firm assets; stablecoin issuers add reserves, attestation and redemption obligations
- Co-supervision by the SCB, the Central Bank (for jointly supervised institutions) and the FIU
Operational reality:
- The Bahamas offers a detailed, internationally aligned regime designed to restore confidence after FTX — credible and innovation-friendly, but substance- and compliance-heavy
- The broad activity list (including staking, node services and derivatives) captures most digital-asset business models
- Bahamas registration does not passport into the EU (a MiCA CASP authorisation is separate); independent Bahamian legal and tax counsel and early SCB engagement are essential
Payments & E-money (CBOB — Payment Systems Act; Sand Dollar)
Best for money-transmission, payment-service and wallet operators prepared to obtain Central Bank authorisation; the Bahamas pairs a conventional payments regime with the world's first central bank digital currency.
What it is: A Central Bank licensing and oversight regime under the Payment Systems Act 2012 for money transmission businesses and payment service providers, plus the Sand Dollar CBDC distributed through authorised wallet providers; banking sits under the Banks and Trust Companies Regulation Act.
Who it suits: Money-transmission and remittance providers, payment-service providers, Sand Dollar wallet providers, and fintechs serving the domestic market, plus banks; digital-asset payment models are addressed via DARE.
Covers: Money transmission, payment services, Sand Dollar wallet provision and distribution, and deposit-taking via banking; digital-asset payment services via the DARE Act.
Operational requirement: A Bahamian entity; Central Bank authorisation (MTB/PSP) or wallet-provider registration; safeguarding, AML/CFT and governance requirements; Central Bank oversight; KYC and tiered-wallet rules for the Sand Dollar.
Headline figures
- Primary instruments: Payment Systems Act 2012; Central Bank (Electronic Bahamian Dollar) Regulations 2021; Banks and Trust Companies Regulation Act
- Regulators: Central Bank of The Bahamas (money transmission, PSPs, banking, Sand Dollar)
- CBDC: the Sand Dollar — world's first fully deployed central bank digital currency (since October 2020)
- Market access: no EU/UK e-money passport
- Tax: no income/capital-gains tax; 15% corporate income tax for in-scope large multinationals (from 2025); VAT applies
- Currency: BSD, pegged 1:1 to USD; exchange controls on the Bahamian dollar
Is there a gambling licence in the Bahamas?
Yes, but only in a closed, two-tiered domestic form. Resort casinos are licensed for tourists and non-residents only (Bahamian residents are prohibited), while licensed "web shops" serve residents with domestic online lottery, sports betting and games. The Bahamas does not license offshore online gambling.
The legal foundation:
- Gaming Act 2014 (and 2014 Regulations / 2015 Rules) — the modern framework under the Gaming Board for The Bahamas
- Casinos — licensed at approved resort venues; tourists/non-residents only
- Gaming houses ("web shops") — licensed domestic operators serving residents
- Financial Transactions Reporting (Gaming) Regulations 2014 — AML/CFT
Structure:
- Casinos — three resort casinos (Atlantis, Baha Mar, Resorts World Bimini); residents prohibited
- Web shops — resident-only domestic online lottery, sports betting and games via physical retail networks
- No offshore licensing — only licensed domestic operators may serve residents; no remote-gambling licensing for foreign markets
- Minimum age 18; certified systems; KYC/AML; reform to admit residents to casinos pending
Gambling — Casino & Gaming House Licences (Gaming Board; Gaming Act 2014)
Best for resort casino operators (tourist-facing) and domestic gaming-house operators; not for offshore online-gambling operators, who cannot be licensed in the Bahamas.
What it is: A Gaming Board licence under the Gaming Act 2014 — a casino operator licence (tourist-facing resort venues) or a gaming house ("web shop") operator licence (resident-facing domestic online gaming) — with probity, AML/CFT and player-protection requirements.
Who it suits: Resort casino operators and domestic gaming-house operators; not offshore online-gambling operators.
Covers: Resort casino gaming (tourists only) and domestic online lottery, sports betting and games (residents only, via web shops); not offshore online gambling.
Operational requirement: Suitability vetting of operators, suppliers and employees; AML/CFT (Financial Transactions Reporting (Gaming) Regulations 2014); KYC; certified gaming systems; data-security and (for web shops) local presence; gaming-tax compliance; residency-based access controls.
Headline figures
- Primary instruments: Gaming Act 2014; Gaming Regulations 2014; Gaming Rules 2015; Financial Transactions Reporting (Gaming) Regulations 2014
- Regulators: Gaming Board for The Bahamas; FIU (financial intelligence)
- Market structure: two-tiered — casinos (tourists only) and web shops (residents only); no offshore online-gambling licensing
- Tax: gaming tax on operators; recreational winnings not taxed
- Player protection: min age 18; certified systems; KYC/AML; residency-based access rules
Costs and timelines at a glance
- Crypto: DARE Act 2024 registration with the SCB (exchanges, custody, payments, staking, advice, derivatives, node services, stablecoin issuance); fees ~USD 18,750 (exchange) / USD 12,500 (other); ~6–12 months; strict client-asset segregation; fiat-only stablecoins (algorithmic banned); privacy tokens banned; security tokens under the Securities Industry Act; no income/CGT (15% CIT for large MNEs from 2025)
- Payments primary instruments: Payment Systems Act 2012; Central Bank (Electronic Bahamian Dollar) Regulations 2021; Banks and Trust Companies Regulation Act
- Payments regulators: Central Bank of The Bahamas (MTBs, PSPs, banking, Sand Dollar)
- CBDC: Sand Dollar — world's first fully deployed CBDC
- Reform pipeline: continued DARE refinement and FATF alignment; possible reform to admit residents to casinos
- Gambling: Gaming Act 2014; Gaming Board; casinos (tourists only — Atlantis, Baha Mar, Resorts World Bimini); web shops (residents only); no offshore online-gambling licensing; min age 18
- Currency: BSD, pegged 1:1 to USD; exchange controls on the Bahamian dollar
- FX: USD 1 = BSD 1.00
Who the Bahamas suits and who it does not
Suitable for
- Digital-asset exchanges, custodians, brokers, payment, staking and derivatives businesses able to meet the DARE Act 2024's comprehensive registration, segregation and AML standards in a post-FTX, internationally aligned regime
- Fiat-backed stablecoin issuers able to meet the SCB's reserve, custody, attestation and redemption requirements (algorithmic models are not permitted)
- Tokenisation and digital-asset firms attracted by a detailed framework, a CBDC ecosystem (Sand Dollar) and tax neutrality
- Money-transmission, payment-service and wallet operators able to obtain Central Bank authorisation and integrate with the Sand Dollar and domestic rails
- Resort casino operators (tourist-facing) and domestic gaming-house operators able to meet Gaming Board probity and AML requirements
Not suitable for
- Firms wanting a light-touch crypto flag — DARE 2024 is comprehensive and substance-heavy, with strict custody and stablecoin rules and prohibitions on algorithmic stablecoins and privacy tokens
- Crypto or payment businesses needing EU passporting — Bahamas authorisations do not passport (a MiCA CASP authorisation is separate)
- Payment or e-money firms expecting an EU-style EMI passport — the Bahamas uses a Central Bank money-transmission/PSP regime and the Sand Dollar framework
- Offshore online-gambling operators — the Bahamas licenses only tourist-facing casinos and resident-facing web shops, not remote operators serving foreign markets
- Operators seeking to serve residents through casinos or a low-cost, high-volume online-gambling licence — neither is available under the current two-tiered model