Digital assets industry 'a major opportunity' for the Bahamas

PRIME Minister Philip “Brave” Davis joining representatives of FTX Digital Markets at the groundbreaking ceremony for its headquarters in The Bahamas.

PRIME Minister Philip “Brave” Davis joining representatives of FTX Digital Markets at the groundbreaking ceremony for its headquarters in The Bahamas.


Press Secretary Clint Watson. (File photo)


Tribune Staff Reporter


PRESS Secretary Clint Watson said the government is working with key stakeholders to ensure that Bahamians can benefit from the digital assets industry.

His comments come after FTX Digital Markets - the world's second largest crypto currency exchange - held a groundbreaking ceremony on Monday for its $60m headquarters on West Bay Street. Four hundred Bahamians are expected to be employed throughout various stages of construction.

At the event, Prime Minister Phillip “Brave” Davis said it sent a strong message that The Bahamas is a safe place for international companies to set up shop.

He also echoed similar comments while giving the opening remarks at Crypto Bahamas, a cryptocurrency conference hosted by FTX and Salt at Baha Mar this week.

Asked on Friday about the government’s plans in ensuring Bahamians can be involved in the industry, Mr Watson said the Davis administration hopes to work with local regulators and stakeholders to find out how Bahamians can have access to the digital assets industry.

He also insisted that “no new industry will be derived in this country" that excludes Bahamians.

“I’m proud to announce that there are Bahamian companies who are now starting up in this industry. We met two of them at the conference and it was exciting. We’re going to profile those to the Bahamian people, so they know about them and know their whereabouts,” Mr Watson said at a press conference Friday.

“And another thing we want to do is what I call the educational side of it and that is encourage more Bahamians to study this. When you recognize that there is a new industry that has potential that this industry has – I will be telling our high school students that you may want to move away from a traditional career and go into this.”

Mr Watson also said: “This is a major opportunity for the Bahamas. The headquarters is going to be here. You see FTX is building their headquarters here so they’re going to be looking at Bahamians. They want to engage Bahamians. They have already and so I encourage Bahamians first of all, to get to know the industry, to perhaps study the industry, get certified in the industry so that you could make yourself available for opportunities in the industry.”

“As for trading, we’re going to be doing more on that. We’re working with all of our regulators and our stakeholders here locally to find out how Bahamians can have access because the Davis administration has been very clear that no new industry will be derived in this country that exempts Bahamians. It’s going to include Bahamians.”


ThisIsOurs 2 months ago

no its not.

This will go the way of evvverryyy other "major opportunity for bahamians" that came our way. Illegal gaming, home porting, oil exploration, natural resources, hotel developments, etc etc. The investors will tell us about the billions to be made and how the bright the future looks for ALL of us, the lawyers and accountants will make out like bandits. One or two "bright" black bahamians will get hired as the face of the company, the investor will reap millions if not billions and the Bahamas and its people will be left to crumble for another 20 years. All while we cheer for people who can land at the sports center in a helicopter like black jesus. I sure black jesus good for a helicopter

This pattern repeats itself every 5 years. Anyone remember the excitement around homeporting and the advice to all bahamians to prepare to benefit? Ir the people marching through town to legalize illegal gaming and the millions it would bring to the econkmy? We did manage to skate free of Oban and oil drilling by the skin of our teeth


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