Making the Bahamas a Leading Crypto Currency Hub

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Among the first nations to take a stand on digital assets, The Bahamas has announced several recent moves that are expected to make it a leading crypto-currency hub. The country recently released a policy white paper outlining its digital asset strategy over the next four years. The document was based on the work done by global organizations such as the OECD and Financial Action Task Force.

The country has also released a Discussion Paper detailing its proposed regulatory posture in relation to crypto assets and related instruments. According to the document, the government will aim to create a sound prudential framework and ensure responsible industry development.

The government is also looking to make it easier to buy crypto with Bahamian dollars. According to the Office of Prime Minister Philip Davis, the government is committed to building a digital asset hub in the country. The prime minister urged the nation to develop skills to fill jobs in the crypto space.

In September, cryptocurrency exchange FTX announced that it would move its headquarters to the Bahamas. Its CEO, Ryan Salame, said the company would prioritize hiring Bahamians and integrating the local workforce into the company’s operations. The move was announced during a groundbreaking ceremony held in Nassau.

A survey conducted by the Central Bank of The Bahamas revealed that most Bahamians are comfortable with using online banking. While digital assets are not considered legal tender in The Bahamas, some exchanges are required by law to report information about users’ transactions to the government.

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