Going Global: PM Hails Potential Of Crypto Industry For The Bahamas

28 Apr 2022


PM Davis Cryptocurrency Conference

Prime Minister Philip “Brave” Davis addressing the Crypto Bahamas conference yesterday. Photo: BIS

Bahamians are leading professionals in international financial services

PRIME Minister Philip “Brave” Davis said the arrival and presence of FTX underscores the “readiness of The Bahamas to be a home for global leaders in the crypto space.”

While giving the opening remarks at Crypto Bahamas, a cryptocurrency conference hosted by FTX and Salt at Baha Mar, Mr. Davis said he believed that crypto innovations are going to have a transformative impact across many industries.

He pointed to the Central Bank launching the Sand Dollar as well as the government’s recently released white paper on the future of digital assets in The Bahamas as key strides the country was making in this arena.

Mr. Davis said this paper sets out the vision and the supporting framework “to transform The Bahamas into the leading digital asset hub in the Caribbean, and a global leader in the progressive regulation of businesses in this profoundly innovative space”.

“Ladies and gentlemen, The Bahamas is not only open and ready for business, but moving to the forefront of this most exciting era of digital asset innovation. For generations, our people have developed a unique expertise as leading professionals in international financial services. As a result, The Bahamas has an extensive capacity of human capital positioned to assist all in the fintech space who look to do business here,” he said.

“In our policy white paper, you will also note the commitment of my government to provide the highest in tertiary education to Bahamians who want to be in the fintech and cryptocurrency space. The Bahamas and Bahamians all across our archipelago are ready and willing to partner with you to do business in our great country. I hope that consideration of the potential and possibilities in our country will feature in your discussions over these next few days. There are many pragmatic reasons to partner with us. But we think you’ll also fall in love with our country and our people.”

FTX Digital Markets held a groundbreaking ceremony for headquarters

He also spoke about keeping the greater good in mind as digital progression occurs.

He noted: “While your many and myriad conversations flourish around the technological marvels and possibilities for wealth-generation, the conversation in this space is largely being considered merely in terms of services, processes, and objects.

“I encourage you simultaneously to include in that conversation what you can do to promote the common good. In this transition to a digital future, let us do what we can to uplift and bring along the many, not just the few. In this transition to a digital future, let us do what we can to uplift and bring along the many, not just the few.”

Mr. Davis asserted he is determined to make sure that in this country “this era of dramatic change is also an era of progress”. His remarks also highlighted that despite the country’s challenges the nation marches forward.

“The Bahamas is the third oldest democracy in the Western Hemisphere. Perhaps it is this stability that underpins our ability, and confidence to implement big changes, while at the same time, upholding our timeless, fundamental values. We have been battered by disasters not of our own making: economic storms, hurricanes made more intense by climate change, and viruses unleashed across borders. Yet, we face our future with an optimism borne of strength, resilience, and a capacity to innovate.”

On Monday, FTX Digital Markets held a groundbreaking ceremony for its $60m headquarters on West Bay Street. At the event, Mr. Davis said it sent a strong message that The Bahamas is a safe place for international companies to set up shop.

The digital asset exchange company opened its office in western New Providence late last year.

Source: The Tribune

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