The Securities Commission of the Bahamas has said that the country is ready to achieve its goal of becoming a digital asset hub in the next three years.
The Securities Commission’s executive director, Christina Rolle stated this during a virtual event discussing the government’s Digital Assets Policy Paper.
“I think that from a regulatory standpoint we are very ready. We are seen on the world stage as having a very robust but pragmatic regulatory framework.
“When we did our benchmark several years ago that was a key advantage we had,
“While we may not have experts specifically in fintech we have several financial services professionals who can apply the principles they know from the financial services space to the fintech area. I think that also bodes well for companies looking to put flags in the ground. There are lots of elements we have and we are certainly punching well above our weight in that area.” she said.
The Bahamas Digital Assets Policy Paper was established by the Digital Assets and Registered Exchanges ACT (DARE) last year.
The act provides a framework for a vital, well-regulated, and compliant industry in the country.
“We wanted to license, supervise, enforce and regulate aspects in the space but with adequate flexibility,”
“We have seen additional evolution in the space and we now need to address some of those things. We have seen specific threats in the market emerging due to some of the things we have seen happening over the past few months and we have to react to them.” Rolled said regarding the framework.
She added that the number of financial services professionals in the country puts the country at an advantage, above its peers.