White Paper Outlines Future Of Bahamas In Digital Assets Sector

• Published date: 22 April 2022
• Law Firm: Bahamas Financial Services Board
• Author: Bahamas Financial Services Board

The government will this year start enabling the access of Bahamians to digital assets using Bahamian dollars, and enable the payment of taxes using digital assets, Prime Minister Philip Davis announced yesterday as he tabled a policy white paper on the future of $3 trillion digital of digital assets global market in The Bahamas.

The white paper also promised the establishment of a digital advisory panel (DPA) tasked with reviewing evolving developments in the sector, as well as a digital asset policy committee in 2022.

Speaking to what he called a transformative emerging market, Davis said The Bahamas and Bahamians should be at the vanguard of this new frontier.

"My government's initial success in attracting significant digital asset businesses is only the beginning. We have a vision to transform The Bahamas into the leading digital asset hub in the Caribbean, and a global leader in the progressive regulation of businesses in this profoundly innovative space," he said in the House of Assembly yesterday.

The Digital Assets and Registered Exchange Bill (DARE Bill) was passed in 2020, paving the way for the...