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GOING GLOBAL: PM hails potential of crypto industry for The Bahamas

Prime Minister Philip “Brave” Davis addressing the Crypto Bahamas conference yesterday. 
Photo: BIS

Prime Minister Philip “Brave” Davis addressing the Crypto Bahamas conference yesterday. Photo: BIS

By EARYEL BOWLEG

Tribune Staff Reporter

ebowleg@tribunemedia.net

PRIME Minister Philip “Brave” Davis said the arrival and presence of FTX underscores the “readiness of The Bahamas to be a home for global leaders in the crypto space.”

While giving the opening remarks at Crypto Bahamas, a cryptocurrency conference hosted by FTX and Salt at Baha Mar, Mr Davis said he believed that crypto innovations are going to have a transformative impact across many industries.

He pointed to the Central Bank launching the Sand Dollar as well as the government’s recently released white paper on the future of digital assets in The Bahamas as key strides the country was making in this arena.

Mr Davis said this paper sets out the vision and the supporting framework “to transform The Bahamas into the leading digital asset hub in the Caribbean, and a global leader in the progressive regulation of businesses in this profoundly innovative space”.

“Ladies and gentlemen, The Bahamas is not only open and ready for business, but moving to the forefront of this most exciting era of digital asset innovation. For generations, our people have developed a unique expertise as leading professionals in international financial services. As a result, The Bahamas has an extensive capacity of human capital positioned to assist all in the fintech space who look to do business here,” he said.

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ATTENDEES at yesterday’s Crypto Bahamas event listening to the address by Prime Minister Philip “Brave” Davis. Photo: BIS

“In our policy white paper, you will also note the commitment of my government to provide the highest in tertiary education to Bahamians who want to be in the fintech and cryptocurrency space. The Bahamas and Bahamians all across our archipelago are ready and willing to partner with you to do business in our great country. I hope that consideration of the potential and possibilities in our country will feature in your discussions over these next few days. There are many pragmatic reasons to partner with us. But we think you’ll also fall in love with our country and our people.”

 He also spoke about keeping the greater good in mind as digital progression occurs.

 He noted: “While your many and myriad conversations flourish around the technological marvels and possibilities for wealth-generation, the conversation in this space is largely being considered merely in terms of services, processes, and objects.

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SENIOR politicians in attendance including, from left, Economic Affairs Minister Michael Halkitis, Attorney General Ryan Pinder, Deputy Prime Minister Chester Cooper and the wife of the Prime Minister, Ann Marie Davis.

 “I encourage you simultaneously to include in that conversation what you can do to promote the common good. In this transition to a digital future, let us do what we can to uplift and bring along the many, not just the few. In this transition to a digital future, let us do what we can to uplift and bring along the many, not just the few.”

Mr Davis asserted he is determined to make sure that in this country “this era of dramatic change is also an era of progress”. His remarks also highlighted that despite the country’s challenges the nation marches forward.

“The Bahamas is the third oldest democracy in the Western Hemisphere. Perhaps it is this stability that underpins our ability, and confidence to implement big changes, while at the same time, upholding our timeless, fundamental values. We have been battered by disasters not of our own making: economic storms, hurricanes made more intense by climate change, and viruses unleashed across borders. Yet, we face our future with an optimism borne of strength, resilience, and a capacity to innovate.”

On Monday, FTX Digital Markets held a groundbreaking ceremony for its $60m headquarters on West Bay Street. At the event, Mr Davis said it sent a strong message that The Bahamas is a safe place for international companies to set up shop.

The digital asset exchange company opened its office in western New Providence late last year.

Comments

Sickened 7 months, 1 week ago

This is big plus for The Bahamas. Kudos to the people and administrations that brought us to this stage.

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bahamianson 7 months, 1 week ago

Dont worry , possibly past and present government officials are already making dee Als for family friends and lovers, and we , the Bahamian populace will only be able to invest at the last minute.

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realitycheck242 7 months, 1 week ago

The Tech HUB Minnis tried to create if freeport is becoming a reality in Nassau....and Davis aint even look like them people:

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KapunkleUp 7 months, 1 week ago

Somebody needs to explain to Davis that crypto requires a very stable power grid at reasonable prices.

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jamesg30 7 months, 1 week ago

Could not agree more. Not only a stable, clean electrical supply, but these "banks" use tremendous amounts of electricity. Makes perfect sense for Brave to get excited about this, where energy costs are off the charts, we live in a Hurricane alley that could wipe out a crypto bank easily. This is right up there with the trip to the F-1 race in Dubai. So much business was dragged back from that wastefully expensive outing. Not.

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realitycheck242 7 months, 1 week ago

Even though FTX and other Cryto companies head quarters are relocating here, Most likely their computer Servers will be in multiple locations aboard. just look at the distribution location of the many servers that Facebook, Ggoogle and Twitter have installed for redundancy.

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jamesg30 7 months, 1 week ago

If that is the case, not much to get excited about.

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ThymeOnline 7 months, 1 week ago

Jury is still out on this one…

https://web3isgoinggreat.com/single/f...">https://web3isgoinggreat.com/single/f...

And when the Financial Times opens with “Honk, honk, here comes the crypto clown car”, it might be time to dig deeper:

https://www.ft.com/content/eac0e56c-f...">https://www.ft.com/content/eac0e56c-f...

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Proguing 7 months, 1 week ago

That looks like another Allen Stanford...

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longgone 7 months, 1 week ago

If the Government has anything to do with this it will a massive failure or an outright ripoff!!

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Maximilianotto 7 months, 1 week ago

It looks like a Ponzi and it is a Ponzi. When all this s..t will hit the fan it will be a real New Day meltdown and government will explain what a Ponzi is, probably they think it’s a new Italian Restaurant.

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TalRussell 7 months, 1 week ago

Unless the crypto enthusiasts has the potential of being hailed as the off ramp for cleaning up The Colony's culture of corruption and offering alternatives to cruise tourism, crown land grants where non-natives go front line, fund solutions to healthcare, poverty and paychequeklessness ... then best that a hefty licensing and operational fees, corporate income tax be levied and collected, ... all be paid at projected minimum rates... and due and payable... in advance every 6-months, ― Yes?

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