Despite Nay-Sayers, “Digital Assets Industry is Here to Stay”: The Bahamas Prime Minister
Bahamian Prime Minister Philip Davis says that the island nation will continue to maintain its pioneering role in the digital asset space and stressed on the importance of innovation to adapt emerging trends in fintech and decentralized finance (DeFi) advancements.
The pro-crypto leader emphasized that the digital asset industry “is here to stay,” despite criticizers who have raised concerns over the industry’s viability.
“The Bahamas will continue to be a pioneer in the digital asset space,” he said during his opening speech at the D3 Bahamas conference on Wednesday. “Despite the nay-sayers, the digital assets industry is here to stay.”
Davis said that the Bahamas would develop “an effective and stable regulatory framework” which is important for the cryptocurrency industry.
The Bahamas is looking to amend its Digital Assets and Registered Exchanges (DARE) Act in a move to consistently “evolve its regime to meet the latest threats and risks as they emerge.” The amendments will also place the nation among the best-regulated jurisdictions in the world, Davis added.
The country is planning to bring in measures to clarify the regulation of stablecoins, introducing robust investor protection and framework for digital assets staking.
“We expect the amendments to be tabled in Parliament shortly and passed through both chambers by the end of the year.”
Davis also foresees that “web3 and fintech will transform global financial systems in unprecedented ways.”
Furthermore, as there is a growing population of unbanked people, particularly in the Caribbean and Latin America, Prime Minister Davis underscored that the nation’s crypto adoption is not only about attracting investors, but also addressing domestic challenges.
“We see fintech and
Read more on cryptonews.com
