NASSAU, BAHAMAS — Prime Minister Philip Davis said yesterday that his administration is committed to facilitating the Fintech revolution as an essential part of its diversification efforts.
Davis was delivering remarks at the official launch ceremony of FTX Digital Markets – the world’s third-largest crypto exchange.
He said the company’s decision to move its base from Hong Kong to The Bahamas will hopefully be the beginning of a trend.
“We hope that more companies in the cryptocurrency and blockchain markets will see The Bahamas as an ideal destination for their operations. I believe the relocation of the world’s third-largest cryptocurrency exchange to our shores sends a clear signal to the rest of the Finch world that The Bahamas is open for business,” said Davis.
The prime minister noted that this nation via the Digital Asset Registered Exchanges (DARE) Act has one of the strongest digital assets legislation frameworks in the world. Davis said was a testament to the visionary leadership and expertise within the country. Davis lauded the Securities Commission of The Bahamas (SCB) and its executive director Christina Rolle for bringing the pushing legislation forward.
“As a part of my government’s forward-looking agenda, we recognize that digital transformation is key to unlocking the potential of our economy and expanding access for all people,” Davis said.
“Blockchain has a huge role to play in the transformation. The benefits of this technology have the potential to drive advancements in financial services, health care, the arts, and culture to create new opportunities for local professionals and improve the quality of life for many Bahamians.”
FTX Digital Markets founder Sam Bankman-Fried has stated that the DARE legislation attracted the digital assets exchange provider to The Bahamas.
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