{"id":72116,"date":"2023-10-13T04:59:36","date_gmt":"2023-10-13T08:59:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/despite-nay-sayers-digital-assets-industry-is-here-to-stay-the-bahamas-prime-minister\/"},"modified":"2023-10-13T04:59:39","modified_gmt":"2023-10-13T08:59:39","slug":"despite-nay-sayers-digital-assets-industry-is-here-to-stay-the-bahamas-prime-minister","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=72116","title":{"rendered":"Despite Nay-Sayers, \u201cDigital Assets Industry is Here to Stay\u201d: The Bahamas Prime Minister"},"content":{"rendered":"<div>\n<p style=\"text-align:justify;\">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.<\/p>\n<p style=\"text-align:justify;\">The pro-crypto leader emphasized that the digital asset industry \u201cis here to stay,\u201d despite criticizers who have raised concerns over the industry\u2019s viability.<\/p>\n<p style=\"text-align:justify;\">\u201cThe Bahamas will continue to be a pioneer in the digital asset space,\u201d he said during his opening speech at the D3 Bahamas conference on Wednesday. \u201cDespite the nay-sayers, the digital assets industry is here to stay.\u201d<\/p>\n<p style=\"text-align:justify;\">Davis said that the Bahamas would develop \u201can effective and stable regulatory framework\u201d which is important for the cryptocurrency industry.<\/p>\n<h2 style=\"text-align:justify;\">Amendments to Digital Assets Act<\/h2>\n<p style=\"text-align:justify;\">The Bahamas is looking to amend its Digital Assets and Registered Exchanges (DARE) Act in a move to consistently \u201cevolve its regime to meet the latest threats and risks as they emerge.\u201d The amendments will also place the nation among the best-regulated jurisdictions in the world, Davis added.<\/p>\n<p style=\"text-align:justify;\">The country is planning to bring in measures to clarify the regulation of stablecoins, introducing robust investor protection and framework for digital assets staking.<\/p>\n<blockquote>\n<p style=\"text-align:justify;\">\u201cWe expect the amendments to be tabled in Parliament shortly and passed through both chambers by the end of the year.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align:justify;\">Davis also foresees that \u201cweb3 and fintech will transform global financial systems in unprecedented ways.\u201d<\/p>\n<p style=\"text-align:justify;\">Furthermore, as there is a growing population of unbanked people, particularly in the Caribbean and Latin America, Prime Minister Davis underscored that the nation\u2019s crypto adoption is not only about attracting investors, but also addressing domestic challenges.<\/p>\n<blockquote>\n<p style=\"text-align:justify;\">\u201cWe see fintech and DeFi as opportunities to promote greater financial inclusion throughout our archipelago and across the region.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align:justify;\">The government is also mulling on crypto education, said Davis. The University of The Bahamas has entered into a licensing agreement with the Cambridge Centre for Alternative Finance to provide fintech academic program.<\/p>\n<p style=\"text-align:justify;\">The Bahamas launched the world\u2019s first blockchain-based central bank digital currency (CBDC) \u2013 the Sand Dollar \u2013 in October 2020.<\/p>\n<p style=\"text-align:justify;\">The island nation has also been home to the beleaguered FTX exchange, which filed for Chapter 11 bankruptcy in November 2022.<\/p>\n<p style=\"text-align:justify;\">In April, Davis said that the country is \u201copen for business\u201d for legitimate digital-assets companies and that the Bahamas hasn\u2019t lost its \u201czeal for being at the forefront of the digital-assets industry,\u201d despite FTX\u2019s failure and alleged fraud.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/despite-nay-sayers-digital-assets-industry-is-here-to-stay-the-bahamas-prime-minister.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201cis here to stay,\u201d despite criticizers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-72116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Despite Nay-Sayers, \u201cDigital Assets Industry is Here to Stay\u201d: The Bahamas Prime Minister | iFintechWorld<\/title>\n<meta name=\"description\" content=\"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\" \/>\n<meta name=\"robots\" content=\"index, follow, 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