The year 2022 was bitter for the crypto industry, with the collapse of several projects, FTX being one of the biggest in the industry. The exchange was headquartered in the Bahamas, where the founder and former CEO, Sam Bankman-Fried, was arrested for his involvement in the collapse of the exchange that saw billions of dollars wiped out of the industry.
In response to the incident, the Bahamian Prime Minister, Philip Davis, who was invited as a guest at Consensus 2023 by Coindesk, explained to the audience that despite the incident that occurred involving FTX in the country, there’s no regret whatsoever.
He stated that the collapse of FTX was not due to any shortcomings in the laws of the Bahamas at the time of the event. Any information that suggests otherwise is false.
“I don’t think we would have done anything different than we did,” the Prime Minister insisted while defending the position of his country. Philip, on a positive note, revealed that FTX actually made the Bahamas more popular with all that happened in 2022.
Bahamas is open for crypto business
Furthermore, he reiterated that the Bahamas is still interested in the digital economy, especially crypto, and blockchain, as legitimate businesses that deal in digital assets are welcomed in the nation. We’ve not lost our “zeal for being at the forefront of the digital-assets industry.”
He cited the recent move by the Bahamian authorities to rework their regulatory framework for digital assets as a step the nation has taken to support the digital economy.
He encouraged investors to come to the Bahamas because it is a safe place to invest.. “If you are looking for a jurisdiction where you can confidently invest, look no further than the Bahamas.”