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Alternative Market Briefing

Bahamas regulators grapple with digital assets

Friday, June 15, 2018

Bailey McCann, Opalesque New York:

Regulators in the Bahamas are grappling with how to appropriately supervise digital assets and blockchain technologies. Delegates at the recent Opalesque Bahamas Roundtable say the key is not necessarily being the first jurisdiction to regulate but rather to be the one that does it right.

"I noticed that Bermuda just passed ICO legislation recently. The question is how much do you regulate that because that can decide whether that's going to attract or repel business," said Ryan Pinder, Partner at Graham Thompson and former Minister of Financial Services and Trade. "The Bahamas is well-positioned in that, it's not making hasty decisions to be first."

According to Pinder, it is important to be an interested jurisdiction so that you can monitor how these new technologies develop, but finding the right way to regulate should be as a result of a collaborative relationship between regulators and business. Tanya McCartney, CEO & Executive Director at Bahamas Financial Services Board agrees. She says that by working with the private sector, the Bahamas have been able to build a regulatory environment that isn't anti-business.

" I think this collaborative approach differentiates us from some other jurisdictions, a fully rigid approach might be taken elsewhere as it relates to regulation but the collaboration between both sides allows for innovation, it allows for product development, and we have a history of this in terms of some ......................

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