Philip Davis explains how the Bahamas built a regulatory framework that attracted crypto firms like FTX. He emphasizes consumer protection and integrity, and hopes the Sand Dollar stablecoin could become the national currency and be exported globally.
You die.
It's a pleasure to have you with us. Thank you for inviting us to the Bahamas.
You're welcome. And I'm hoping you're enjoying us today.
I am. Thank you. What are the plans to bring digital innovation and cryptocurrency here to the Bahamas?
Well, as you see, the plans are in place now and FTX is here. It isn't here because no plans were in place. They are here because we have a regulatory regime and most jurisdictions don't. And we are improving our. We have published a policy white paper framework where crypto business could understand how they can operate within our jurisdiction, how they can grow, prosper, and what we would expect of them, and a policy that also takes into account the balance between the concerns that people have about cryptocurrency and the risks that comes along with it. And the policy is to protect the consumers, protect the integrity of the space, and at the same time, ensure that we minimize all the risks that may be associated with the business.
Right. Will we see any more innovation with the sand dollar? Stable coin.
Yeah, I was just talking about that. We're hoping that the sand dollar would be the dollar and hopefully have it exported internationally.
Great, Wonderful. Thank you so much, Mr. Prime Minister.
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