'Regulations are in place to help crypto businesses understand operations,' says The Bahamas PM Philip Davis

The Bahamas Prime Minister Philip Davis shared his plans to welcome crypto businesses to the region during SALT’s Crypto Bahamas.

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:

“The policy also takes into account the balance between concerns people have about cryptocurrency, and the risks that come along with it. Policy is to protect consumers, integrity of the space, and at same time ensure that we minimize all risks that may be associated with these businesses.”

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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