The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Prime Minister yesterday urged digital asset firms to consider establishing a physical presence in The Bahamas while hailing the “transformative” impact the sector will have for all industries and the wider economy.

Philip Davis, QC, speaking at the Crypto Bahamas conference organised by the FTX crypto currency exchange and SALT, the network leadership forum, admitted he never envisioned financial technology (FinTech) making the economic impact it has achieved in recent years.

Building on The Bahamas’ history of “invention, disruption, resilience and innovation”, which includes development of the tourism and financial services industries, he added: “Today, the arrival and presence of FTX underscores the readiness of The Bahamas to be a home for global leaders in the crypto space.

“Back in 2019, our Central Bank launched the Sand Dollar, the world’s first digital currency. And just last week, my government launched a policy ‘White Paper’ outlining the future of digital assets in The Bahamas. This paper sets out our 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.

“The Bahamas is not only open and ready for business, but moving to the forefront of this most exciting era of digital asset innovation. I hope that consideration of the potential and possibilities in our country will feature in your discussions over these next few days.”

Mr Davis said he wanted digital financial assets, and their evolution, to benefit the many and 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,” he added.

“I am determined to make sure that in my country, this era of dramatic change is also an era of progress. And if the world of crypto currency is where you see your possibilities, then The Bahamas has a place for you.”