The Tribune

By JADE RUSSELL

jrussell@tribunemedia.net

PRIME Minister Phillip “Brave” Davis said yesterday The Bahamas is “open and ready” for business and is moving to the forefront of innovative industries in crypto, digital assets, and carbon credits.

He spoke at the 15th anniversary of the Nassau Conference of the Association of International Bankers and Trust Companies, held yesterday at Baha Mar.

The Prime Minister said the recent arrival and presence of the FTX Cryptocurrency Exchange underscores the readiness of The Bahamas to be a home for global leaders in the crypto space.

During the conference, he said his administration’s Blueprint for Change made commitments and policy proposals in order to strengthen the industry.

“We committed ourselves to enhancing the ease of doing business in The Bahamas. Some of the ways to achieve this are by revamping and streamlining processes at the Bahamas Investment Authority, Registrar General, Department of Inland Revenue and other agencies to become one of the most business-friendly countries for local and foreign investors,” Mr Davis said.

“The Association of International Bankers and Trust Companies in The Bahamas has an important role to play in assisting the financial services industry and policymakers in achieving these goals.”

The prime minister also spoke of the historical challenges and attacks the country’s jurisdiction has faced by international agencies.

“You have pointed out on many occasions the unwarranted nature of these attacks: that the international playing field was not always level, and that the proverbial goal post appeared to be constantly moving, even as our industry and government acted together in good faith.

“When we thought we had satisfied the requirements placed on us by these international bodies, we were confronted with yet another new set of industry compliance requirements and standards. I share the frustrations of the regulators and the service providers.

“None of this deters us from our efforts.”

He continued: “Notwithstanding the regulatory and compliance challenges, we have proven over and over again that by working together with a shared vision and rallying around common objectives, we can and have weathered the black-listings, the grey-listings and the watch lists.”

Despite challenges faced, Mr Davis said the country has been able to build “a credible, reputable, dependable, safe and well-regulated financial jurisdiction” with a high level international reputation.

“I, therefore, commend the strong leadership, vision, tenacity and mental toughness of the Association of International Bankers and Trust Companies of The Bahamas for staying the course for 46 years and in the process, building a resilient, transparent and well regulated financial services sector.”