The Bahamas has turned into an attractive destination for crypto companies looking to set up shop in a jurisdiction with a clear regulatory framework for digital assets — a movement spearheaded by crypto exchange FTX’s announcement to relocate its headquarters to the island nation late last year.
The Bahamas' emerging crypto scene was on full display during the last week of April, which saw approximately 2,000 industry leaders, public figures and celebrities, such as Bill Clinton and Tom Brady, converge for ‘Crypto Bahamas’ — a four day conference hosted by FTX and finance conference company SALT.
In this episode of The Scoop, Ryan Salame, Co-CEO of FTX Digital Markets (FTX’s Bahamian subsidiary), explains why he believes the conference was “an incredible success,” and why he thinks the Bahamas is positioned to become a global hub for the crypto industry.
The conference helped to highlight the crypto-friendly nature of the Bahamas, as Salame explains during the interview,
“Some of my objectives were to show off the Bahamas as a jurisdiction, to show why we were there, allow the opportunity for companies to send people to see that this is a great place to do business. So that objective was easily hit.”
Salame told The Block’s Frank Chaparro that over 20 companies are in conversation with FTX about moving their headquarters to the Bahamas.
While the US has yet to solidify its regulatory approach to digital assets, clear legislation in the Bahamas removes the structural uncertainty.
As Salame explains, “All of crypto sits under one regulatory body, versus in the US, you're seeing the CFTC and SEC debate.”
Salame’s sentiment is shared by former CFTC chair Chris Giancarlo, who gave the regulatory structure for digital assets in the U.S. a “zero” on a scale of 1 to 10 during a panel at the conference.
During this episode, Chaparro and Salame also discuss:
- Improvements for next year’s conference
- FTX’s new campus in the Bahamas
- Carbon credits as digital assets
(Updated to correct name of regulatory agency in 8th paragraph).
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