The Securities Commission of The Bahamas (SCB) has unveiled its 2024 Annual Report, highlighting its initiation of foundational research into the tokenization of real-world assets. This move comes in response to growing interest from licensees and other stakeholders in the digital asset space. The SCB has commenced drafting three comprehensive papers that delve into the characteristics of asset tokenization, its prevalent applications, and the associated benefits, risks, and regulatory challenges. While these papers do not aim to establish policy recommendations, they will serve as preliminary research to guide future regulatory decisions. Tokenization, the process of converting physical assets into digital tokens on a blockchain, enables the digital representation of ownership or rights in assets such as real estate, commodities, art, and intellectual property. These tokens can be traded or sold digitally, offering new opportunities for asset management and investment. Additionally, the report disclosed that 25 firms were registered under the Digital Assets and Registered Exchanges Act (DARE) by the end of 2024. The DARE Act, enacted on 29 July 2024, replaced its 2020 predecessor, introducing significant updates to the regulatory framework for digital assets and exchanges. The SCB’s DARE Unit continued to engage in pre-applicant meetings to facilitate registrations under the Act. On the enforcement front, the Commission reported 18 ongoing matters from 2023, with two new litigation cases and one criminal case initiated in 2024. As of 31 December 2024, 20 enforcement matters remained unresolved, including 13 litigation cases, three administrative issues, and four criminal investigations. Administrative matters primarily involved non-compliance with filing obligations and record-keeping requirements under the Securities Industry Act and Regulations.