The Prime Minister of the Bahamas, Philip Davis, has expressed his strong support for the digital asset industry, emphasizing its long-term viability. Despite critics who have raised concerns about the industry, he believes it’s here to stay. Speaking at the D3 Bahamas conference, Davis stated that the Bahamas will continue to play a pioneering role in the digital asset space.
One of the key initiatives is the development of an effective and stable regulatory framework for the cryptocurrency industry. The Bahamas intends to amend its Digital Assets and Registered Exchanges (DARE) Act to keep pace with emerging trends and address new risks. These amendments will position the country as one of the best-regulated jurisdictions globally.
In addition to regulatory updates, the Bahamas plans to clarify the rules governing stablecoins, enhance investor protection, and establish a framework for digital assets staking. These changes are expected to be introduced in Parliament and passed by the end of the year.
Prime Minister Davis also envisions the transformative potential of web3 and fintech in global financial systems. He believes these innovations will bring unprecedented changes.
Furthermore, the Bahamas sees its crypto adoption efforts as not only attracting investors but also addressing domestic challenges, particularly financial inclusion. The country aims to provide opportunities for the unbanked population in the Caribbean and Latin America.
To support its crypto endeavors, the government is considering crypto education. The University of The Bahamas has partnered with the Cambridge Centre for Alternative Finance to offer fintech academic programs.
Notably, the Bahamas made history by launching the world’s first blockchain-based central bank digital currency (CBDC) called the Sand Dollar in October 2020.
Despite challenges, such as the bankruptcy of the FTX exchange, the Bahamas remains committed to its position at the forefront of the digital asset industry and is open to legitimate digital asset companies.
In summary, the Bahamas’ Prime Minister is optimistic about the future of digital assets, emphasizing regulatory improvements and their potential for financial inclusion, innovation, and global financial system transformation
