NASSAU, BAHAMAS — One of the world’s first and largest crypto exchanges is “exploring opportunities” in The Bahamas, local executives confirmed yesterday, noting that the company is monitoring developments in the country regarding the digital assets space.
Dr Jillian P Bethel, CEO of OKX Bahamas said during a press conference on the sidelines of the Crypto Bahamas Conference yesterday that the sound regulatory framework established with the Digital Assets and Registered Exchanges Act (DARE) was attractive to entities such as OKX which are seeking a sound regulatory environment in which to operate.
OKX, which is a platinum sponsor of the conference being held at Baha Mar is one of the largest crypto spot and derivatives trading exchanges.
The company, a Seychelles-based cryptocurrency exchange that provides a platform for trading various instruments has hired several Bahamians to key executive positions as it explores opportunities in The Bahamas that have already attracted the likes of FTX Digital Markets.
“A sound regulatory framework was established with the DARE Act,” said Bethel.
“A lot of entities in the crypto space want to take part in an environment that is regulated. Some of the larger jurisdictions have not taken the step The Bahamas has and that is something we should definitely be proud of.”
She continued: “The DARE Act is a really attractive piece of legislation for anyone in the crypto space. When you look at different jurisdictions, you see people trying to fit crypto into squares that it just doesn’t fit into and never will. The DARE Act is built from the ground up for crypto and is built for a jurisdiction that is embracing it big time.”
Bethel explained that a sound regulatory environment is important to protect persons who want to participate in the digital assets space and runs counter to the stigma which has surrounded the industry in years past.
“The bigger crypto becomes and the more people get involved, they are going to want to be protected. That’s why a regulated environment is so important. Companies like OKX want to be regulated because we’re good players and good players want to demonstrate that they are good players. The best way to do that is by operating in a regulated environment,” said Bethel.
She said: “OKX is going to move with the tide. OKX is looking at what’s happening with crypto in The Bahamas. Right now OKX is in an innovative place. We are a big part of the crypto community.”
Company executives said yesterday that plans regarding the expansion of OKX’s presence in The Bahamas will be announced in the near future. The company is not yet licensed to operate as an exchange in The Bahamas.