The Bahamas is “very ready” for regulation of the digital asset sector – Eye Witness News

The Bahamas, Nassau — According to the industry’s top regulators, the Bahamas are “very ready” from a regulatory perspective and ready to become a global digital asset hub.

Christina Roll, Executive Director of the Securities Commission, expressed her trust in the sector in a webinar discussing the government’s Digital Assets Policy Paper.

Christina Roll, Executive Director of the Securities Commission.

Roll said: “From a regulatory point of view, I think we are very ready. We are considered to have a very robust yet practical regulatory framework on the world stage. ”

According to a white paper submitted to Congress earlier this year, the government aims to “substantially” grow the Bahamas’ digital asset sector within the next three years.

Rolle pointed out that the number of financial services professionals in the country should not be underestimated in terms of the country’s dominance in the field of digital assets.

“When we benchmarked a few years ago, that was an important advantage we had,” she continued.

“There may not be any FinTech professionals in particular, but there are many financial services professionals who can apply the principles they know from the financial services sector to the FinTech sector. This is trying to raise the flag. I think it’s a good sign for the companies we have. We have a lot of factors and we are certainly punching far beyond our weight in that area. “

The Digital Assets and Registered Exchanges ACT (DARE) has established a legal framework for the important, highly regulated and compliant industry in the Bahamas for those interested in entering the digital asset space.

Rolle said the digital asset space is still mature and DARE was designed with that in mind. “We wanted to license, supervise, enforce and regulate aspects of the space, but we were flexible enough,” said Roll.

She added: “We have seen further evolution in space, and now we need to tackle some of them. Due to some of what has happened in the last few months, there are certain threats to the market. I’ve seen it appear and I need to deal with it. “

Gowon Bowe, Fidelity Bank (Bahamas) The CEO emphasized that the government white paper is an introductory statement, not a conclusion.He also if he is serious about this country being serious Leading players in the digital asset space need to understand the ever-changing landscape. The Bahamas is “very ready” for regulation of the digital asset sector – Eye Witness News

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