Digital assets are here to stay, Bahamas prime minister says

Digital assets are here to stay despite the criticism received by the industry, said Bahamian Prime Minister Philip Davis during his speech at the D3 Bahamas event on Wednesday.

See related article: FTX collapse helped the evolution of crypto regulation, says Bahamas securities regulator

Fast Facts

• “Despite the naysayers, the digital asset industry is here to stay,” said Davis.

• Davis added that the Bahamas is “committed to developing an effective and stable regulatory framework,” which is crucial for the future success of the industry.
• “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,” said Davis.

• The Bahamas has been a pioneer in blockchain. It launched the world’s first blockchain-based central bank digital currency (CBDC), the Sand Dollar, in October 2020.

• The Bahamas was home to the collapsed FTX exchange, which filed for bankruptcy in the U.S. on Nov. 11, 2022, after its sister company, Alameda Research. Sam Bankman-Fried, the co-founder and former chief executive officer of the exchange has been charged with seven counts of wire fraud and money laundering. His trial began on Oct. 4.

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