The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

AN INTERNATIONAL link-up has seen the University of The Bahamas (UB) partner with the University of Cambridge and the Securities Commission of The Bahamas to provide a Fintech and Innovation programme.

Prime Minister Philip “Brave” Davis, speaking at the D3 Bahamas Web3 and FinTech Conference yesterday, said ‘The Bahamas will continue to be a pioneer in the digital asset space’ and introduced the new Fintech and Innovation programme.

He said: “My government is focused on providing educational opportunities to spur the growth of the domestic FinTech industry through empowering our people.

“The University of The Bahamas has entered into a licensing agreement with the Cambridge Centre for Alternative Finance for exclusive rights to its FinTech and Innovation academic programme for qualifying full-time and continuing education students.

“This partnership between the University of The Bahamas, the Securities Commission of The Bahamas and the University of Cambridge will include Bahamas-specific case studies and Bahamas-specific references. Education will play a key role in preparing our people for the future.”

He said The Bahamas already serves as a digital asset “operational hub for the Americas” and that innovation and adaptation are key components of maintaining a competitive financial sector.

He said: “This is critical. While there is not yet a large domestic market within the region for digital assets, we are already serving as a strategic operational hub for the Americas.

“As a small island developing state, to remain competitive, innovation must be at the heart of our approach. The very survival of our financial services industry hinges on our ability to innovate and adapt to emerging trends. Our embrace of Fintech and DeFi advancements is a natural next step in the evolution of our financial services sector.”

Mr Davis maintained the digital asset industry “is here to stay” and provides opportunities for the next generation in the financial sector.

He said: “The Bahamas will continue to be a pioneer in the digital asset space.

“Digital assets represent a remarkable opportunity for our country – an opportunity to leverage and build on our world-class financial services expertise and engage a whole new generation of Bahamians with new opportunities as we continue to lead the way as world-class innovators.

“Despite the nay-sayers, the digital assets industry is here to stay.”

He said the Digital Assets and Registered Exchanges (DARE) Act will be tabled before the end of the year to include a disclosure framework for the staking on clients digital assets, more robust consumer and investor protection, and more clear guidelines to the regulation of stablecoins.

He said: “Since the initial introduction of the DARE Act, the cryptocurrency world has gone through a number of changes, and in the spring of last year, we began responding to those changes with a slate of amendments that will reinforce our standing among the best-regulated jurisdictions in the world.

“We are a responsive and nimble financial services jurisdiction and, as promised when DARE was implemented, we remain committed to consistently updating and evolving our regime to meet the latest threats and risks as they emerge.

“The changes to the DARE Act will include, among other things, measures to clarify the regulation of stablecoins, and the introduction of more robust investor and consumer protection mechanisms, including new provisions for a single framework for the registration and oversight of digital assets custodians and the provision of custodial wallet services and requirements for the segregation of assets. We are also introducing a disclosure framework for the staking of clients’ digital assets and the operation or management of a staking pool as a business.

“We expect the amendments to be tabled in Parliament shortly and passed through both chambers by the end of the year.”

He added that the success of the digital asset sector will depend on a robust regulatory framework that can adapt to changes and meet international best practice standards.

He said: “Web3 and Fintech will transform global financial systems in unprecedented ways, and the Bahamian people are positioned to be at the vanguard of this rapidly expanding frontier.

“The key to our success in the digital assets space is our commitment to developing an effective and stable regulatory framework within the context of a rapidly changing environment.

“While we want to attract investors and consumers of digital assets and related services, we must first ensure that everything is being done according to the highest global standards. We understand the need to constantly adapt our regulatory framework as we anticipate long-term sectoral growth.”