‘Regulations are in place to help crypto businesses understand operations,’ says The Bahamas PM Philip Davis

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'Regulations are in place to help crypto businesses understand operations,' says The Bahamas PM Philip Davis
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Bahamas Prime Minister Philip Davis told Cointelegraph that the region has a regulatory regime in place to enable crypto businesses to operate within its jurisdiction. In an interview at SALT’s Crypto Bahamas conference, Davis shared that the Bahamas recently released a white paper framework that will allow crypto businesses to “grow and prosper” while keeping companies informed about what to expect in the region. He added:

“The policy also considers the balance between concerns about cryptocurrencies and the risks that come with them. [The] policy is to protect consumers, [the] spatial integrity and [the] At the same time, ensure that we minimise all risks that may be associated with these businesses. “

Davis noted that crypto innovation in the Bahamas is already underway with the launch of Sam Bankman-Fried’s cryptocurrency exchange FTX, which moved its headquarters from Hong Kong to the Bahamas in September 2021. Expect more crypto companies to do so.

Anthony Scaramucci, founder of hedge fund SkyBridge Capital, told Cointelegraph that he expects the Bahamas to “become a crypto-centric region and within five years one of the most forward-looking and economically forward-looking countries.”

In response, Davis further commented that he hopes Sand Dollar — the digital iteration of the Bahamian dollar and fully functioning retail central bank Grayscale GVTC and the ETHE digital currency — will be utilized internationally.

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