|Authored by:||Betty Vedrine|
|Source:||Bahamas Information Services|
|Date:||April 21, 2022|
NASSAU, The Bahamas – In a bid to tap into the world of cryptocurrency, Prime Minister, the Hon. Philip Davis, QC, presented a policy white paper to the House of Assembly on Wednesday, 20th April. He said that digital assets made possible by blockchain technology represent extraordinary innovation and are rapidly transforming the world’s finance infrastructure.
“The cryptocurrency market is now worth more than $3 trillion dollars,” said the Prime Minister. “Digital assets are a remarkable opportunity for our country – an opportunity to leverage and build on our world-class financial services expertise, diversify our economy, engage a whole new generation of Bahamians, and lead the way in innovation. Digital assets are going to have a transformative impact across the globe and we believe that The Bahamas -- and Bahamians – can be at the vanguard of this new frontier.”
He said that although the country’s economic recovery is underway, more effort must be made to ensure the success of the nation’s economic future.
He said that the White Paper is a comprehensive policy update and is the result of a consultative process that extensively engaged the Central Bank of the Bahamas, the Securities Commission of The Bahamas, The Bahamas Financial Services Board and industry, legal and financial experts.
The main objectives of the White Paper are: to explore new opportunities in the digital asset landscape; to improve the attractiveness of the country as a well-regulated financial jurisdiction; (where necessary) to clarify and expand the scope of legislative framework; to encourage innovation in the Fintech space and identify emerging technologies that would help maintain the country’s competitive edge; to explore linkages between The Bahamas’ existing financial services toolkit; to develop the necessary skills and expertise; to work with the Central Bank to ensure that policies are adjusted and clarified; to build capacity and expand the resources of the SCB in order to support and enhance its role as the pre-eminent digital asset regulator and enable it to become a global centre of excellence; and to provide sustainable funding for the digital asset policies, initiatives and programmes.
“Taken together, fulfillment of these objectives will encourage the growth of an exciting new industry while protecting consumers, businesses and investors,” said Mr. Davis. “They will also offer safeguards against systemic risks which may emerge. They will also help to promote and defend the competitiveness of The Bahamas and offer new opportunities for Bahamians and international investors alike.”