Bahamas Reclaims its Narrative and Leadership in the Caribbean Digital Assets Business

I was in The Bahamas last week to attend OasisOnChain a three-day summit on consumer crypto, culture, and co-creation. (This is why there was no newsletter last week).

It was held at a Tech Coworking and Community Hub space Crypto Isle. I met a bunch of entrepreneurs, engineers, advocates, experts, Digital Asset Licensing Lawyers, and Investors there and I learned a bunch and further consolidated some relationships I’ve had there for about two years.  

Here is what I learned: They Open for Digital Business.

Since that American Fraudster Sam Bankman-Fried who headed up FTX was caught and charged…

• . The Bahamian Government has moved to upgrade their D.A.R.E Act Digital Assets Legislation to prevent instances of fraud and to reframe beyond crypto exchange businesses.
• . There is a significant uptick in global interest and registration for companies to have their Digital Assets related business, registered in the Bahamas.
• . Entrepreneurial Millennials leading ecosystem development – Fintech, Blockchain, and Crypto seeking to diversify away from being Tourism dependent, but that culture is nascent but growing.
• . FX Controls is more stringent than Jamaica and Trinidad and not particularly friendly to Bahamians.

Wind at their Back

The Bahamas which has been the leader in Digital Assets Legislation and Business Culture now has the wind at their backs especially with America recognizing Bitcoin ETFS.

And more recently Alphabet has announced the inclusion of certain cryptocurrency products within its Google advertising network, effective Jan. 29. This announcement marks a potential turning point for mainstream acceptance of digital assets and signals renewed confidence within the financial sector

Further Global ownership of digital assets grew by 34% in 2023. The user base grew from 432 million in January to 580 million by the end of the year. In the Caribbean, there were 214,000 Crypto owners in 2022.

Tech Ecosystem builders & Leaders to check when you are in Nassau

Crypto Isle – Davinia Bain & Dr Jillian Bethel

Caribbean Blockchain Alliance – Stefen Deleveaux

In the words of Stefen Deleveaux, Founder of the OasisOnChain Summit

“We have an opportunity to impact the Bahamas from the bottom and the top with crypto” Oasis is picking up the pieces in the wake of FTX and shining a light on the Bahamas