Digital assets are here to stay despite the criticism received by the industry, said Bahamian Prime Minister Philip Davis during his speech at the D3 Bahamas event on Wednesday.
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Fast Facts
- “Despite the naysayers, the digital asset industry is here to stay,” said Davis.
- Davis added that the Bahamas is “committed to developing an effective and stable regulatory framework,” which is crucial for the future success of the industry.
- “Digital assets represent a remarkable opportunity for our country. An opportunity to leverage and build on our world-class financial services expertise and engage a whole new generation of Bahamians with new opportunities,” said Davis.
- The Bahamas has been a pioneer in blockchain. It launched the world’s first blockchain-based central bank digital currency (CBDC), the Sand Dollar, in October 2020.
- The Bahamas was home to the collapsed FTX exchange, which filed for bankruptcy in the U.S. on Nov. 11, 2022, after its sister company, Alameda Research. Sam Bankman-Fried, the co-founder and former chief executive officer of the exchange has been charged with seven counts of wire fraud and money laundering. His trial began on Oct. 4.
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