NASSAU, BAHAMAS — The Bahamas is “very ready” from a regulatory standpoint to become a global digital assets hub, according to the industry’s top regulator, noting that as a nation we are “punching well above our weight”.
Christina Rolle, the Securities Commission’s executive director expressed confidence in the sector during a webinar discussing the government’s Digital Assets Policy Paper.
Rolle said: “I think that from a regulatory standpoint we are very ready. We are seen on the world stage as having a very robust but pragmatic regulatory framework.”
The government is aiming to “substantially” grow the digital assets sector in The Bahamas within the next three years, according to a White Paper tabled in Parliament earlier this year.
Rolle noted that in terms of this nation’s advantage in the digital assets space, what should not be discounted is the number of financial services professionals the country has.
“When we did our benchmark several years ago that was a key advantage we had,” she continued.
“While we may not have experts specifically in fintech we have a number of financial services professionals who can apply the principles they know from the financial services space to the fintech area. I think that also bodes well for companies looking to put flags in the ground. There are lots of elements we have and we are certainly punching well above our weight in that area.”
The Digital Assets and Registered Exchanges ACT (DARE) has established the legal framework for a vital, well-regulated, and compliant industry in The Bahamas for those interested in entering the digital asset space.
Rolle noted that the digital asset space is still maturing and so DARE was designed with that in mind. “We wanted to license, supervise, enforce and regulate aspects in the space but with adequate flexibility,” said Rolle.
She added: “We have seen additional evolution in the space and we now need to address some of those things. We have seen specific threats in the market emerging due to some of the things we have seen happening over the past few months and we have to react to them.”
Gowon Bowe, Fidelity Bank (Bahamas) chief executive stressed that the government’s White Paper is not a concluding statement but an introductory one. He also noted that if this nation is serious about being a major player in the digital assets space it must appreciate the ever-shifting landscape.
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