NASSAU, Bahamas — In his first public statements since the collapse of Bahamas-based FTX, Prime Minister Philip Davis said in the House of Assembly yesterday that based on the analysis and understanding of the FTX liquidity crisis, to date, “we have not identified any deficiencies in our regulatory framework that could have avoided this”, The Nassau Guardian reported on Thursday, November 17, in an article written by Executive Editor Candia Dames.
“In fact, it was because The Bahamas already had in place a regulatory framework for digital assets and digital assets businesses that the regulator was able to take immediate steps in order to protect the interests of clients, creditors, and other stakeholders globally,” Davis said.
As the dramatic implosion of FTX played out, the Securities Commission of The Bahamas (SCB) announced last Thursday it has frozen the assets of FTX Digital Markets and related parties, suspended the registration, and applied to the Supreme Court of The Bahamas for the appointment of a provisional liquidator.
Davis told Parliament, “I believe, as do many others, that blockchain technology and smart contracts will continue to play an important and growing role in the world’s financial architecture, and further.
“I have every confidence that The Bahamas will emerge from the proceedings involving FTX – proceedings taking place here as well as in other jurisdictions – with an enhanced reputation as a solid digital assets jurisdiction.”
The prime minister also cautioned “those who care about our country’s reputation” to tread carefully when they speak about the complex matters involving FTX.
“There is a reason that The Bahamas won international praise for the approach we have taken, to date, on digital assets, and there is also plenty of room to have a healthy debate about the industry, but this is a story that has the world’s attention, and those who use it to mislead and score cheap political points are no patriots,” he said. See complete article in The Nassau Guardian at https://thenassauguardian.com/pm-we-will-emerge-from-ftx-saga-with-enhanced-reputation/
CAPTION: Prime Minister Philip E. Davis speaking in the House of Assembly on Wednesday. (PHOTO/DANTE CARRER)
