Sterling Global's technology head is urging The Bahamas to adopt cryptocurrency legislation as a key element in plans to establish the nation as a "technology hub".
Brandon Caruana delivered this message during last week's three-day blockchain and cryptocurrency conference, which drew hundreds of companies and international specialists to Grand Bahama.
"One of the things we really need is legislation and regulation, both globally and jurisdictionally," said Mr Caruana. A panel speaker, the Cayman-based executive presented during the conference's "Why Invest" session last Wednesday.
With more than 15 years' experience as an IT industry leader, Mr Caruana has overseen the development and roll-out of complex technology for Sterling Global Financial.
During the panel discussion, which explored the benefits and challenges of investing in blockchain technology, he appeared alongside other industry professionals and government regulators as he advocated for broad blockchain legislation geared at propelling a crypto currency industry in The Bahamas.
"It is important to engage with regulators, especially local regulators, to ensure that everyone is part of the conversation," said Mr Caruana. "That will mean engaging global experts to meet with local regulators and craft a plan that is best suited to the environment we currently have."
A long-time proponent of blockchain technology, Mr Caruana has helped other governments craft legislation to regulate and navigate the crypto-environment.
The conference focused on the need for legislative adjustments, capital funding and global investment. In hosting the event, the government aimed to promote Freeport as a digital hub, catering to new and innovative technical markets.