The Bahamas will likely be affected by a new wave of regulations from countries looking to safeguard their tax dollars, according to the Deputy Prime Minister Peter Turnquest.
Speaking at Deltec’s annual conference on ‘Trusting Disruption’, the DPM and Minister of Finance Turnquest said disruption has been one of the defining characteristics of the 21st century, particularly in the past ten years, and there is no telling when – if ever – the country will reach the end of this cycle.
“Disruptions caused by the digitization of the economy are leading to a new wave of regulatory reform. As countries around the world innovate new ways to safeguard against the erosion of their tax base, these developments will undoubtedly affect us here in The Bahamas,” he said. “To sure up our global competitiveness, we are already looking to the future, anticipating and preparing for the changes on the horizon, forming coalitions to influence the nature of change.”
Pointing to the government’s Digital Currency Initiative, Potential of blockchain for government modernization and other Fintech areas of interest, Turnquest said The Bahamas was taking advantage of opportunities in the industry.
“The Bahamas is at a nascent stage when it comes to harnessing the power of disruptive technologies, but we are making strides nonetheless,” he said. “For us, this is not a choice, this is an imperative. We are an international financial services center and Fintech is one of the fastest growing and innovating industries.”
Much needed regulations guiding the growth of financial technology in The Bahamas is now on the way, with the Bahamas Financial Services Board Executive Director Tanya McCartney revealing recently that the Securities Commission of The Bahamas had started the discussions around the topic.
“Noting the growing interest in the jurisdiction as it relates to initial coin offerings, crypto exchanges, and other digital token arrangements, the Commission has initiated discussions for the development of a regulatory framework aimed at providing clarity to participants in the crypto space,” said McCartney. “It is also taking cognizance of the emergence of Risk-Based Supervision as an approach to regulatory supervision of financial institutions globally