Why crypto companies choose the Bahamas to set up a business

Why crypto companies choose the Bahamas to set up a business

The cryptocurrency exchange FTX has consolidated its relationship with the Bahamas after lying the foundation for her new headquarters in the country's capital on Monday.

partially announced by the co-CEO of FTX, ryan Salame could serve the step as a guideline for similar crypto companies that want to use the favorable tax and regulatory framework of the island state.

ftx was founded by the billionaire Sam Bankman-Fried and is registered in the neighboring island state of Antigua and Barbuda, while his new headquarters in Nassau, the capital of the Bahamas, will be located.

The company plans to build a campus at the same location that will estimate up to $ 60 million to accommodate $ 1,000, according to the local news agency The Nassau-Wächter .

The complex will include a boutique hotel with 34 rooms and commercial space.

Last year the marketplace for crypto derivatives made the decision to move from Hong Kong into blue waters, and referred to friendlier regulations and no obligatory covid 19 quartan on arrival.

paired with his " Drakonian measures of the special management zone". Fail to maintain his democratic government international companies to rethink their future in Hong Kong-juris dikes like Singapore and Bahamas seem to be confident, after some .

"The proactive attitude of the Bahamas and their supervisory authorities in relation to cryptocurrencies" was a main reason for the step, said Banksman-Fried Blockworks in a September email.

paradise found

Together with Bankman-Fried von FTX at the ceremony, Prime Minister of the Bahamas Philip Davis said that the exchange had left "positive traces" across the country.

"Today they continue to leave positive impressions with the groundbreaking ceremony for their new headquarters," said Davis tweeted .

The announcement of FTX follows the introduction of a Political white book About "The future of digital assets on the Bahamas". Noopener "Target =" _ blank "href =" https://twitter.com/honphilipedavis ">

The paper describes the four -year vision of the island state to transform the country into a “leading center for digital assets” in the Caribbean and to position itself as a leading worldwide in the “progressive regulation” of crypto business.

political goals designed in it contain intentions to expand the scope of the electricity Promote legal framework Innovation and develop skills to fill crypto-friendly jobs with high demand.

The development of the necessary skills will depend on a Tuesday of the government's partnerships with the University of the Bahamas, the Bahamas Technical and Vocational Institute, FTX and other financial institutions press release .

The paper also contains plans to expand the resources of the Securities Commission of the Bahamas to strengthen its role as the most important crypto regulatory authority.

After FTX's ceremony, Davis said that he would expect to meet another "digital crypto giant" immediately afterwards, The Nassau Guardian reported . It is not yet known which company the Prime Minister referred to.

"Since our country becomes an avant -garde in digital assets in the Caribbean and all over the world, the policy that we are now introducing can bring about an urgently needed economic recovery and change the landscape of the Bahama financial markets, as we know it," said Davis.

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The contribution "Why Crypto Companies Are Choosing the Bahamas to Set Up Shop" is not a financial advice.