The Bahamas has not deterred from its enthusiasm for the cryptocurrency industry even after the failure of the crypto exchange FTX last November. Prime Minister Philip Davis asserted during CoinDesk’s Consensus festival that their recently-amended regulations have nothing to do with the events of FTX’s collapse.

The Digital Assets and Registered Exchange (DARE) Act establishes a new regulatory framework to offer clarity and security to crypto firms setting up shop in the Bahamas. It was created to attract investors and has ignited Minister Davis’ zeal for the digital assets sector. This has given the island nation a space in the industry’s global spotlight.

The Prime Minister's respect for Sam Bankman-Fried - the FTX founder - despite the allegations of fraud was obvious. Minister Davis said that Bankman-Fried was able to put the Bahamas ‘on the map’ for cryptocurrency and that he does not regret the decision to cooperate with him. He added that his country would not have done anything differently than it had done before.

The Bahamas' decision to stay in the cryptocurrency domain no matter what happened and its attempt to safeguard itself from unfortunate events is highly commendable. Mallika Sharma, a CoinDesk analyst suggested that this behavior may set a great example for other countries and she added that the Bahamas is an example of how governments should think about the risks of being at the leading edge of the industry.

The Bahamas’ open-minded attitude towards the crypto industry and its willingness to reprimand wrongdoing rather than ban entire sectors signify that it is truly a crypto-friendly jurisdiction. With the rising demand for a success story in the crypto world, the Bahamas-backed crypto enterprises may be worth the attention of crypto investors.



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