Bahamian Prime Minister, Philip Davis, has reaffirmed his country’s commitment to the digital assets industry, despite the collapse of FTX, a Bahamas-based crypto exchange, in November 2022. Speaking at CoinDesk’s Consensus 2023 conference, Davis dismissed suggestions that FTX’s alleged fraud went undetected due to lax regulations in the country, arguing that the collapse had nothing to do with Bahamian laws.
The prime minister praised he strength of the Bahamas’ recently overhauled regulatory framework, which seeks to provide regulatory clarity to crypto companies. He hopes that the new regulations will attract more companies to the island nation, stating that “when it comes to the digital-assets sector, we are open for business.”
Despite the disappointment and shock of FTX’s collapse, Davis said he would not change the past, adding that “Sam Bankman-Fried put my jurisdiction on the map.” Bankman-Fried was the former CEO of FTX.
The collapse of FTX was a significant blow to the Bahama’ reputation as a hub for the crypto industry. However, Davis’s comments suggest that the country remains committed to the sector and is keen to attract new companies.
In conclusion, Davis urged potential investors to consider the Bahamas as a confident jurisdiction to invest in digital assets, stating that “if you are looking for a jurisdiction where you can confidently invest, look no further than the Bahamas.”