Tuesday, February 27, 2024

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


The Bahamas Prime Minister Philip Davis instructed Cointelegraph that the area has a regulatory regime in place that may allow crypto businesses to function inside its jurisdiction. Throughout an interview at SALT’s Crypto Bahamas convention, Davis shared that The Bahamas lately printed a white paper framework that may enable crypto businesses to “develop and prosper,” whereas letting corporations understand the area’s expectations. He added:

“The coverage additionally takes into consideration the stability between considerations individuals have about cryptocurrency and the dangers that come together with it. [The] coverage is to shield shoppers, [the] integrity of the area and at [the] similar time, be sure that we reduce all dangers that could be related to these businesses.”

Davis identified that crypto innovation is already nicely underway in The Bahamas with the institution of FTX, Sam Bankman-Fried’s cryptocurrency change, which moved its headquarters from Hong Kong to The Bahamas in September 2021. Its anticipated that extra crypto corporations will do the identical .

Anthony Scaramucci, the founding father of the hedge fund SkyBridge Capital, instructed Cointelegraph that he expects the Bahamas to “turn into a crypto-centric area that might be identified in 5 years as probably the most forward-thinking and financial visionary international locations.”

With reference to this, Davis additional commented that he hopes the Sand Greenback — the digital iteration of the Bahamian Greenback and a totally operational retail central financial institution Grayscale GVTC and ETHE digital foreign money — might be leveraged internationally.

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