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Several countries have shared their intentions to embrace blockchain and crypto due to the massive benefits. However, the absence of an effective and clear regulatory framework is hampering some nations from fully embracing the technology and enjoying its awesome benefits.
The Bahamas is the latest nation to express its desire to onboard cryptocurrency companies while drumming for support for its adoption. On Friday, PM Philip Davis disclosed the country’s readiness to help businesses dealing in virtual currencies succeed in the jurisdiction. Davis said the nation has a laid down regulatory procedure that will guide companies to perform well in the area.
Davis Unveils Its Regulatory Whitepaper
While speaking at the SALT Conference held in the capital, the PM revealed The Bahamas has already unveiled a whitepaper that demystifies what crypto businesses must do and what not to succeed in the jurisdiction. He added that the policies would help companies comprehend the nation’s expectations.
“The legal framework also addresses the concerns people may have about virtual currencies and the danger associated with them. The policy aims to safeguard users and the sector’s integrity while minimizing the risks to the barest,” the PM Said.
When questioned about the country’s chances of carving out its name in the crypto niche, Davis explained that crypto is already becoming prevalent, thanks to the coming of the FTX exchange. The exchange relocated from Hong Kong to the Caribbean nation due to a clampdown in 2021, using the country as its headquarters. Since then, the rate of cryptocurrency use has soared.
Davis expects more companies to follow suit, considering it now has a legal framework for operation. Founder of SkyBridge Capital Anthony Scaramucci said The Bahamas could become a crypto-dependent nation and a major hub globally. He added that the steps taken would make the country one of the most forward-innovative and visionary in five years.
The PM is hopeful that its CBDC – Sand Dollar, will achieve its potential and be used globally for retail payments.
Interests in Cryptocurrency Use Soars
The Bahamas citizens, like those in developed countries, have shown more interest in virtual currencies since last year. The Crypto Bahamas Conference, which started earlier this week, discussed primary aspects of virtual currencies, their uses, and their future.
The event, attended by experts from the length and breadth of the globe like Anthony Scaramucci and Sam Bankman-Fried of FTX, dissected the role of virtual coins, their impacts on traditional finance, and the regulations guiding their uses.
Canadian businessman Kevin O’Leary, who was also in attendance, said that virtual assets won’t go anywhere. He said that although only a few TradFi institutions own virtual currencies, the asset class may become the 12th sector of the S&P 500.