Bahamas wants to be a digital hub | Local company

BAHAMAS Prime Minister Phillip Davis said that as the country continues to lead the way in economic diversity and innovation, more and more stakeholders are taking advantage of the opportunities arising from the new digital era.

Speaking at the launch of Agio Digital and Gryphon Investment Advisors Bahamas last weekend, Prime Minister Davis said companies like these help maintain and facilitate the very economic stimulus mandate that his government has. continues to work diligently to move forward.

He said that with the government’s recent introduction of the policy white paper on the future of digital assets in the Bahamas, the launch of the two companies could not have come at a better time.

“As our country becomes the vanguard of digital assets in the Caribbean and globally, the policy we put in place now can significantly generate much-needed economic recovery and change the financial market landscape of The Bahamas such as we know it, by opening our doors. in trade and international affairs.

Agio Digital Ltd is making history in the Bahamas as the first alternative investment platform and the first company to be licensed as a digital wallet provider for crypto assets.

The company has also partnered with Bahamian artist Antonius Roberts to bring Bahamian culture and creativity to the digital asset space with the sale of Non-Fungible Tokens (NFTs).

Prime Minister Davis also attended the grand opening of the new FTX Digital Markets shopping complex this weekend.

In September last year, the company moved its headquarters to the Bahamas and Prime Minister Davis said it had since contributed greatly to various sectors of the community.

“Today they continue to make positive impressions with the grand opening of their new headquarters, which will be a space to rival the Google campus, and a space for innovation and training, attracting Bahamian talent and international,” Davis said.

He said the government sees this strategic move towards digital assets as a boost to economic recovery and diversification and that future plans call for Bahamians to be well equipped and educated to operate in the new digital space.

“The Government of the Bahamas will partner with the University of the Bahamas, The Bahamas Technical and Vocational Institute, FTX of course, and other financial institutions, to provide the best training and education, awarding certifications at levels academics for those already in the sector and those interested in making it a career choice.

He said the introduction of digital assets in the Bahamas will also provide the framework for a more comprehensive climate change policy with the introduction of carbon credits, a mandate the government is keen to advance.

The Bahamas plans to host the first fintech festival on the island in early 2023, the island’s Minister of Economic Affairs, Michael Halkitis, said in his recent contribution to the budget debate.

“We are working with a leading Fintech event organizer with the goal of bringing up to 3,000 thought leaders, entrepreneurs, enthusiasts and people with a deep interest in this space to our shores. The planning for this is well advanced and as we have seen the impact of the crypto conference, it promises to be even bigger in early 2023.”

In April, The Bahamas hosted the Crypto Bahamas presented by FTX and SALT, showcasing the collaboration and networking of many top players in the crypto and traditional finance industry.

Halkitis noted that the government is making changes to the Digital Assets and Registered Exchanges (DARE) Act to address some of the key new developments and changes in the cryptocurrency space.

The DARE Act, which was passed in Parliament in December 2020, facilitates the registration of digital token exchanges and the provision of related services. The legislation has been praised by stakeholders in the cryptocurrency space and has been credited with helping attract FTX digital markets to the Bahamas.

The Bahamas was also the first country in the world to introduce a central bank digital currency (CBDC), when it launched a pilot program in October 2020.

—CMC