Bahamas PM bullish on crypto despite FTX collapse

Bahamas PM says country still bullish on crypto despite FTX collapse

Bahamas Prime Minister Philip Davis has affirmed the country’s interest in the crypto industry following the collapse of local firm FTX last November. Presenting at CoinDesk’s recent Consensus event, Davis denied accusations of lax regulation in the island nation and praised the strength of its recently overhauled system. He said the DARE act, a new bill setting out regulatory guidance for digital asset companies, aims to create clarity and benefits for crypto enterprise in the Bahamas.

No country for skepticism

Davis refuted any notion that FTX’s troubles were down to weak local laws. Such claims were not “consistent with facts”, the Prime Minister said. He added that, even though the firm’s collapse took many people by surprise, he would still not have done anything differently if provided with foresight.

An endorsement for crypto

Davis used the event to showcase his support for blockchain-based ventures. He extolled his nation’s good business environment and highlighted the Bahamas’ potential appeal to leaders who want to confidently invest in digital assets. “If you are looking for a jurisdiction where you can confidently invest, look no further than the Bahamas,” the Prime Minister said.

Disclosure about CoinDesk growth

CoinDesk has announced updates to its information policies as part of its efforts to maintain rigorous journalistic practices. The media platform’s editorial policies forbid journalists to take stock in Digital Currency Group (DCG). However, certain employees might be offered appreciation schemes based on DCG stock, the statement said.

[h/t Cheyenne Ligon]