'Regulations are in place to help crypto businesses understand operations,' says The Bahamas PM Philip Davis
The Bahamas Prime Minister Philip Davis told Cointelegraph that the region has a regulatory regime in place that will enable crypto businesses to operate within its jurisdiction. During an interview at SALT’s Crypto Bahamas conference, Davis shared that The Bahamas recently published a white paper framework that will allow crypto businesses to “grow and prosper,” while letting companies understand the region’s expectations. He added:
Davis pointed out that crypto innovation is already well underway in The Bahamas with the establishment of FTX, Sam Bankman-Fried’s cryptocurrency exchange that moved its headquarters from Hong Kong to The Bahamas in September 2021. It’s anticipated that more crypto companies will do the same.
Anthony Scaramucci, founder of the hedge fund SkyBridge Capital, told Cointelegraph that he expects the Bahamas to “become a crypto-centric region that will be known in five years as one of the most forward thinking and economic visionary countries.”
In regards to this, Davis further commented that he hopes the Sand Dollar — the digital iteration of the Bahamian Dollar and a fully operational retail central bank digital currency — will be leveraged internationally.
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