My understanding (which could be wrong -- I am working on sip-sip) is that most of the regulations are coming/came from a strawman posited by a small group under the aegis of the BFSB. The group drivers were a handful of lawyers from the various law firms, who collated the most stringent regulations from various global sources and put them together in a melange of sorts. If my information is correct, the restrictions/regulations would put a throttle on the process, with overt scrutiny, oversight and reporting procedures including limiting of business scope until full permission is given to operate unrestricted after a suitable time frame.
The reason that I know this, is that a colleague of mine from the bank that I used to be at in Nassau met one of the lawyers who participated in the group discussions and gave my colleague a thumb nail sketch of what was coming down the pipes.
Ironically, other than a few foreign wannabes with no real blockchain experience (just speaking gigs), most of the group with the exception of a local bank that has roots in Nassau but headquarters in Cayman has ever even touched crypto.
They are going around patting each other on the back, not knowing the blow that they have delivered to business end of blockchain/cryptocurrency technology business in The Bahamas.
And speaking of DLT (Distributed Ledger Technology), there is no reason why any of it should be regulated. The director of eGovernment for the Cayman Islands Government was quoted in the online Cayman Compass last week, that they didn't see a need for DLT regulation. As a matter of fact, they were embracing it for eGovernment solutions in authenticated identity management. They have a digital lab in conjunction with Cayman Finance where they are prototyping various solutions.
The trouble is that everyone in the process doesn't know what they don't know. That is where the failure comes from. They don't know that there is blockchain that is not cryptocurrency. There is blockchain without Bitcoin. That is the blockchain that will dominate our lives.
Because the players don't know a damn thing, nothing gets done. Do you remember the newspaper article where Keith Davies of BISX told Neil Hartnell that he was all over crypto and listing ICOs on BISX? Made it sound like it was just days away. Either he was bullsh*tting or talkin' biggety without knowing anything about it.
The CEA is a joke, especially when you compare to Cayman where you get a 5 year work visa in 5 days for you AND your employees. And on top of that, you get a year free of not paying duty on stuff that you import. And they introduce you to the other major blockchain players. Cayman had a $3 billion ICO. They have a DIstributed Digital Exchange with 200 cryptocurrencies on it. They have an AML/KYC blockchain solution operating there. Cayman Finance travels around the world, selling their financial services. The biggest law firm on the island has its own developers and 8 CISOs (Certified Information Security Officers) on staff to protect their data.
Where the Bahamas failed in trying to make the tech hub, was to give the job to Moxey who doesn't understand emergent technology and current trends in technology startups. They should have given the committee chairman job to the creators who know/use/exploit the technology, and not a committee of non-experts who don't know more than what google tells them.
This regulation, cobbled together by committee, will be the final nail in the coffin of the dream to create a tech hub on Grand Bahama.
Moxey is the smartest man in the room. He has a PhD in Engineering Materials -- specifically opto-electronics. He is a hardware engineer. He may have the theoretical background as a graduate Electrical Engineer to run the power company, but to my knowledge, he has never practised in the field. No practical experience. His specialty is mobile app development. He has never worked in Fintech, nor does he understand the dynamics of it.
There’s arguably no faster way to do this than in Grand Cayman – where you can incorporate within 48 hours with the right paperwork and (unlike in places such as Bermuda) there’s no need for approval from the Minister of Finance. At Cayman Enterprise City we make this process even more easy by providing you with fast 5-year renewable work permits (where required for staff) and physical spaces, as well as a pre-established network of blockchain contacts on-island that you can use for your professional and personal growth.
Moxey doesn't understand blockchain, nor does anyone at the BFSB. These regulations will kill any sort of blockchain development in the Bahamas and drive more business to Caymans. I had hope that blockchain might revive financial services, but unfortunately we are too stupid to capitalise on a golden opportunity that could have dropped into our lap.
Instead, like a stupid preacher, we must make all sorts of rules and makes sure that the government gets some sort of say and cut. Bahamas will continue to be the backwards cousin in the Caribbean because of our mindset.
LOL @ financial services. We don't have any real financial services that sophisticated High Net Worth Individuals really want. We are still pirate hidey-holes for money hiding from the tax man, and those "financial services" are dead man walking.
The Chamber should immediately request the resignation of Sumner. It just means that they tolerate tainted ethics and white collar crime. At a minimum, he should be stripped of his job. The Chambers wears the perfidy of Sumner if it doesn't clean house, making it a corrupt entity as well.
banker 4 days, 12 hours ago on Crypto, ICO rules completed within ‘the next 30 days’
Crypto, ICO rules completed within ‘the next 30 days’
My understanding (which could be wrong -- I am working on sip-sip) is that most of the regulations are coming/came from a strawman posited by a small group under the aegis of the BFSB. The group drivers were a handful of lawyers from the various law firms, who collated the most stringent regulations from various global sources and put them together in a melange of sorts. If my information is correct, the restrictions/regulations would put a throttle on the process, with overt scrutiny, oversight and reporting procedures including limiting of business scope until full permission is given to operate unrestricted after a suitable time frame.
The reason that I know this, is that a colleague of mine from the bank that I used to be at in Nassau met one of the lawyers who participated in the group discussions and gave my colleague a thumb nail sketch of what was coming down the pipes.
Ironically, other than a few foreign wannabes with no real blockchain experience (just speaking gigs), most of the group with the exception of a local bank that has roots in Nassau but headquarters in Cayman has ever even touched crypto.
They are going around patting each other on the back, not knowing the blow that they have delivered to business end of blockchain/cryptocurrency technology business in The Bahamas.
And speaking of DLT (Distributed Ledger Technology), there is no reason why any of it should be regulated. The director of eGovernment for the Cayman Islands Government was quoted in the online Cayman Compass last week, that they didn't see a need for DLT regulation. As a matter of fact, they were embracing it for eGovernment solutions in authenticated identity management. They have a digital lab in conjunction with Cayman Finance where they are prototyping various solutions.
banker 5 days, 4 hours ago on Crypto, ICO rules completed within ‘the next 30 days’
Crypto, ICO rules completed within ‘the next 30 days’
The trouble is that everyone in the process doesn't know what they don't know. That is where the failure comes from. They don't know that there is blockchain that is not cryptocurrency. There is blockchain without Bitcoin. That is the blockchain that will dominate our lives.
Because the players don't know a damn thing, nothing gets done. Do you remember the newspaper article where Keith Davies of BISX told Neil Hartnell that he was all over crypto and listing ICOs on BISX? Made it sound like it was just days away. Either he was bullsh*tting or talkin' biggety without knowing anything about it.
The CEA is a joke, especially when you compare to Cayman where you get a 5 year work visa in 5 days for you AND your employees. And on top of that, you get a year free of not paying duty on stuff that you import. And they introduce you to the other major blockchain players. Cayman had a $3 billion ICO. They have a DIstributed Digital Exchange with 200 cryptocurrencies on it. They have an AML/KYC blockchain solution operating there. Cayman Finance travels around the world, selling their financial services. The biggest law firm on the island has its own developers and 8 CISOs (Certified Information Security Officers) on staff to protect their data.
Where the Bahamas failed in trying to make the tech hub, was to give the job to Moxey who doesn't understand emergent technology and current trends in technology startups. They should have given the committee chairman job to the creators who know/use/exploit the technology, and not a committee of non-experts who don't know more than what google tells them.
This regulation, cobbled together by committee, will be the final nail in the coffin of the dream to create a tech hub on Grand Bahama.
banker 5 days, 8 hours ago on Crypto, ICO rules completed within ‘the next 30 days’
Crypto, ICO rules completed within ‘the next 30 days’
Moxey is the smartest man in the room. He has a PhD in Engineering Materials -- specifically opto-electronics. He is a hardware engineer. He may have the theoretical background as a graduate Electrical Engineer to run the power company, but to my knowledge, he has never practised in the field. No practical experience. His specialty is mobile app development. He has never worked in Fintech, nor does he understand the dynamics of it.
banker 5 days, 15 hours ago on Oil explorer shrugs off end to ‘exclusive’ talks
Oil explorer shrugs off end to ‘exclusive’ talks
Pump and dump news.
banker 5 days, 15 hours ago on Crypto, ICO rules completed within ‘the next 30 days’
Crypto, ICO rules completed within ‘the next 30 days’
Too late. Our lunch is ate and already pooped out. Cayman Islands has no crypto regulations and close to 60 blockchain companies. https://www.caymanenterprisecity.com/blog/choosing-cayman-for-your-blockchain-company Here is a blurb from the website:
Moxey doesn't understand blockchain, nor does anyone at the BFSB. These regulations will kill any sort of blockchain development in the Bahamas and drive more business to Caymans. I had hope that blockchain might revive financial services, but unfortunately we are too stupid to capitalise on a golden opportunity that could have dropped into our lap.
Instead, like a stupid preacher, we must make all sorts of rules and makes sure that the government gets some sort of say and cut. Bahamas will continue to be the backwards cousin in the Caribbean because of our mindset.
banker 5 days, 20 hours ago on QC: Bar must open for financial services
QC: Bar must open for financial services
LOL @ financial services. We don't have any real financial services that sophisticated High Net Worth Individuals really want. We are still pirate hidey-holes for money hiding from the tax man, and those "financial services" are dead man walking.
banker 5 days, 20 hours ago on EDITORIAL: As millions flee seeking a better life we must honour our laws
EDITORIAL: As millions flee seeking a better life we must honour our laws
LOL @ neoliberal economic policies.
Somebody is not putting enough water in the KoolAid.
banker 1 week, 5 days ago on Chamber endorses CEO over 10-year securities barring
Chamber endorses CEO over 10-year securities barring
The Chamber should immediately request the resignation of Sumner. It just means that they tolerate tainted ethics and white collar crime. At a minimum, he should be stripped of his job. The Chambers wears the perfidy of Sumner if it doesn't clean house, making it a corrupt entity as well.
banker 1 week, 6 days ago on Bahamian banker’s life ban on $17m collapse
Bahamian banker’s life ban on $17m collapse
Not good enough. He committed the cardinal sin of dipping into clients' funds. He belongs in jail.
banker 2 months ago on UPDATED: Men dressed as women rob Freeport John Bull store
UPDATED: Men dressed as women rob Freeport John Bull store
They prolly enjoyed dressing up as vimmins. PLP no doubt.