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

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

“The coverage additionally takes into consideration the steadiness between considerations individuals have about cryptocurrency and the dangers that come together with it. [The] coverage is to guard shoppers, [the] integrity of the area and at [the] similar time, be sure that we decrease all dangers which may be related to these companies.”

Davis identified that crypto innovation is already nicely underway in The Bahamas with the institution of FTX, Sam Bankman-Fried’s cryptocurrency trade, 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, informed Cointelegraph that he expects the Bahamas to “turn into a crypto-centric area that will likely be identified in 5 years as one of the vital 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 completely operational retail central financial institution Grayscale GVTC and ETHE digital foreign money — will likely be leveraged internationally.

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