Member of Parliament for St. Annes Constituency Brent Symonette detailed to International Investment Wednesday The Bahamas’ different business markets and its endeavours to introduce cryptocurrencies.
“We have a good market offshore banking and wealth management,” Symonette said.
According to Symonette, the government has just recently passed a commercial enterprise bill which has a certain number of categories in the schedule.
Symonette announced that The Bahamas is going to introduce an arbitration act which “we hope to mean arbitration will come to this side of the world.”
“We (also) have very strong maritime registry and it is recognized throughout the world.
“We want to also go into areas like computer specialties so we can attract new businesses to The Bahamas.”
According to Symonette, blockchain, cryptocurrencies and new technological businesses are very pertinent businesses The Bahamas is striving for.
“I think the general view here is that we look forward to developing that industry and working along with our partners because one of the great things we do here is we work closely with our partners and the fund of their bank’s financial institution,” he added.
Symonette said that the government is always in constant dialogue with the industry as ways of improving it and making it move forward in regulatory and also in other sectors.
“So, we look forward to that. Obviously, there are going to be some problems with the technology with regard to the government having to increase its platform for computerization and technological advancements,” he said.
“The governments working on that to make sure we can move in that area.”