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“There are regulations designed to help crypto companies understand their operations,” said Prime Minister of the Bahamas Philip Davis

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The Prime Minister of the Bahamas, Philip Davis, told Cointelegraph that the region has a regulatory regime that allows crypto companies to operate within its jurisdiction. During an interview at SALT’s Crypto Bahamas conference, Davis shared that the Bahamas recently released a white paper framework that will allow crypto companies to “grow and thrive” while allowing businesses to understand the region’s expectations. He added:

“The policy also takes into account the balance between people’s concerns about cryptocurrency and the risks involved. [The] Politics is consumer protection, [the] Integrity of space and at [the] At the same time, ensure that we minimize any risks that may be associated with these deals.”

Davis noted that crypto innovation is already well underway in the Bahamas with the launch of FTX, Sam Bankman-Fried’s cryptocurrency exchange, which relocated its headquarters from Hong Kong to the Bahamas in September 2021. Other crypto companies are expected to do the same.

Anthony Scaramucci, the founder of hedge fund SkyBridge Capital, told Cointelegraph that he expects the Bahamas to become “a crypto-centric region that will be known as one of the most forward-thinking and economically visionary countries five years from now.”

In this regard, Davis further stated that he hopes the Sand Dollar — the digital iteration of the Bahamian dollar and a fully-functional digital currency from retail central bank Grayscale GVTC and ETHE — will be internationally leveraged.

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