Shalini Nagarajan

Last week, the Securities Commission of The Bahamas (SCB) <a href="https://blockworks.co/news/ftx-crypto-worth-3-5b-held-by-bahamas-regulator" target="_blank" rel="noreferrer noopener">said</a> it altogether sent FTX crypto worth $3.5 billion, valued at the time of transfer, for safekeeping on Nov. 12. 



The transfers were made shortly after FTX filed for bankruptcy in the US and amid <a href="https://blockworks.co/news/what-happened-ftx-hack" target="_blank" rel="noreferrer noopener">odd cyberattacks on the platform</a>.



FTX, under insolvency veteran John J. Ray III, challenged those figures in a Friday <a href="https://www.prnewswire.com/news-releases/ftx-debtors-provide-information-concerning-bahamas-crypto-seizure-301711610.html?tc=eml_cleartime" target="_blank" rel="noreferrer noopener">press release</a>, which said the regulator only holds crypto worth around $296 million in a single wallet with infrastructure startup Fireblocks.



According to FTX, the SCB took control of around:



<ul>
<li>195 million FTT ($166 million),&nbsp;</li>



<li>1,938 ETH ($2.35 million) and&nbsp;</li>



<li>“other miscellaneous coins that do not have substantial value.”</li>
</ul>



“The value of the same cryptocurrency at spot prices as of 2:00 PM EST on December 30, 2022 was approximately $167 million,” FTX said, assuming the FTT could be sold in full at spot prices. “There can be no assurances such a large amount of FTT could be sold at spot prices, or at all.”



Those figures align with initial <a href="https://hub.elliptic.co/analysis/477-million-in-unauthorized-transfers-from-ftx/" target="_blank" rel="noreferrer noopener">reports</a> of funds — including hundreds of millions of dollars in freshly-minted FTT — being sent to cold storage at the direction of Bahamas regulators. 



FTX requested the SCB share a detailed list of cryptocurrencies it has under its control, which it says should clear up any confusion.&nbsp;



The SCB shot back at FTX on Monday with a press release <a href="https://twitter.com/SCBgov_bs/status/1610084773472485380/photo/1" target="_blank" rel="noreferrer noopener">shared</a> via Twitter. The regulator said FTX’s figures were based “on incomplete information,” and suggested FTX should&#8217;ve filed for the information to be released with the Bahamas Supreme Court.



“Mr. Ray has not once reached out to the commission to discuss any of his concerns before airing them publicly,” the SCB said. The regulator gave no further information as to the cryptocurrency in question.



The public tit-for-tat is no doubt frustrating for FTX creditors, which could amount to as many as one million.&nbsp;



The SCB has previously said it will keep the crypto until The Bahamas Supreme Court orders it onto FTX creditors or joint provisional liquidators — whenever that may be.



David Canellis contributed reporting.



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Did The Bahamas Really Seize $3.5B in Crypto? FTX Says No

Sam Bankman-Fried is preparing to leave The Bahamas 10 days after his arrest, with the alleged FTX fraudster reportedly agreeing to US extradition.



The former CEO signed off on documentation for extradition and is expected to fly to the US on Wednesday, per <a href="https://www.nbcnews.com/business/business-news/ftx-founder-sam-bankman-fried-agrees-extradition-crypto-fraud-case-rcna62513" target="_blank" rel="noreferrer noopener">NBC News</a>, citing a Bahamas prison official.



Bankman-Fried was planning to <a href="https://blockworks.co/news/bankman-fried-not-expected-to-fight-us-extradition-after-all" target="_blank" rel="noreferrer noopener">consent to extradition</a> and should first appear in federal court in the Southern District of New York, a source told Blockworks earlier this week.



Doan Cleare, acting Bahamas commissioner of corrections, described the former crypto billionaire’s demeanor at the time of his consent, telling local outlet <a href="http://www.tribune242.com/news/2022/dec/20/prison-chief-bankman-fried-ready-leave/" target="_blank" rel="noreferrer noopener">The Tribune</a> he wasn’t uncomfortable and was “ready to go.” 



Cleare added Bankman-Fried gave no explanation as to why he agreed to waive his right to contest the extradition, despite initially declining. But that the process can take years and he “probably was unwilling to be here for four, five years,” Cleare said.



Others have speculated that Bankman-Fried opted for US extradition as he could no longer <a href="https://www.businessinsider.com/sam-bankman-fried-arrogant-scared-at-bahamas-prison-official-2022-12?international=true&amp;r=US&amp;IR=T" target="_blank" rel="noreferrer noopener">endure</a> The Bahamas’ <a href="https://www.state.gov/reports/2021-country-reports-on-human-rights-practices/bahamas/" target="_blank" rel="noreferrer noopener">facility</a>, which has been known to be overcrowded, although Bankman-Fried has made no such statements.



Zachary Margulis-Ohnuma, a criminal defense lawyer in New York, told Blockworks that Bankman-Fried will most likely be held at the Metropolitan Detention Centre in Brooklyn. Ghislaine Maxwell, the convicted child sex offender, was once <a href="https://www.theguardian.com/us-news/2022/jul/25/ghislaine-maxwell-moved-to-low-security-prison-in-florida-epstein" target="_blank" rel="noreferrer noopener">detained</a> at the same jail.



“If there is no appropriate space at that jail it is possible he could be taken to one of the local jails in New Jersey or Westchester, which rent space to the federal government,” Margulis-Ohnuma said.



A spokesperson for Bankman-Fried didn’t return Blockworks’ request for comment by press time.



<h3>Sam Bankman-Fried can apply for bail after US extradition</h3>



Before his arrest last week, Bankman-Fried reportedly lived a lush lifestyle within a 600-acre luxury resort called Albany located on the Bahamian island of New Providence. 



He resided in a penthouse worth $30 million in the resort’s seaside Orchid residence along with nine other FTX colleagues, according to <a href="https://fortune.com/crypto/2022/11/22/sbf-ftx-bahamas-house-lifestyle/" target="_blank" rel="noreferrer noopener">Fortune</a>.



Jerone Roberts, his lead counsel in the US, told reporters that Bankman-Fried’s voluntary agreement for extradition went against “the strongest possible legal advice,” reported <a href="https://www.nytimes.com/2022/12/19/business/sam-bankman-fried-extradition.html" target="_blank" rel="noreferrer noopener">New York Times</a>.



Prior to his scheduled flight to the US, Bankman-Fried was denied bail and remanded to the correctional facility until Feb. 8, according to the <a href="https://thenassauguardian.com/cleare-says-sbf-in-good-spirits-at-prison/" target="_blank" rel="noreferrer noopener">Nassau Guardian</a>. Upon arrival in the US, Bankman-Fried can apply for bail once again.



US prosecutors in Manhattan have filed <a href="https://www.cnbc.com/2022/12/13/us-indicts-sam-bankman-fried-on-conspiracy-to-defraud-the-us-wire-fraud-securities-fraud-and-money-laundering.html" target="_blank" rel="noreferrer noopener">eight criminal counts</a> against the FTX founder including wire fraud and money laundering charges. The SEC filed a separate case alleging intent to defraud FTX’s equity investors in the US.



Bankman-Fried faces a prison sentence of up to <a href="https://www.justice.gov/usao-sdny/pr/united-states-attorney-announces-charges-against-ftx-founder-samuel-bankman-fried" target="_blank" rel="noreferrer noopener">115 years</a> if convicted of all eight federal indictment charges.



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Bankman-Fried Set for US Extradition To Face Monster Indictment

Ornella Hernandez

FTX’s granting of a peculiar withdrawal window for Bahamian accounts while the rest of the world was locked out has attracted the attention of the US Congress.



Veteran insolvency expert John Ray, who took over as CEO to handle the exchange’s restructuring, testified during a Congressional committee meeting on Tuesday on FTX’s absence of record keeping and the status of the recovery of funds.&nbsp;



Ray revealed that FTX’s restructuring team has so far <a href="https://blockworks.co/news/ftx-managed-critical-accounting-via-slack-new-ceo-testifies" target="_blank" rel="noreferrer noopener">secured more than $1 billion in assets</a>. However, when US Rep. William Timmons asked about money withdrawn from the exchange by Bahamian citizens, Ray didn’t offer as many details. 



But Timmons revealed that Congress has a list of 1,500 Bahamians who took advantage of a window of about 25 hours between Nov. 10 and 11 to pull funds. FTX is headquartered in the Bahamas, where many key employees lived, including Bankman-Fried and Alameda Research CEO Caroline Ellison.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Source from the hearing <a href="https://t.co/Md04L6nnQr">pic.twitter.com/Md04L6nnQr</a>&mdash; mo (@mochains) <a href="https://twitter.com/mochains/status/1602745059572682756?ref_src=twsrc%5Etfw">December 13, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



FTX.com had <a href="https://blockworks.co/news/ftx-re-enables-withdrawals-but-only-in-bahamas" target="_blank" rel="noreferrer noopener">paused withdrawals</a> for the rest of the world at the time, a move Bankman-Fried claimed local regulators had requested (they later denied that was the case).



Some non-Bahamian residents, desperate to retrieve their frozen assets, ended up finding a <a href="https://blockworks.co/news/ftx-nfts-provided-loophole-for-non-bahamas-residents-wanting-to-withdraw-funds" target="_blank" rel="noreferrer noopener">loophole to do so via FTX’s NFT platform</a>, which was left online. Bahamian residents were said to be listing very expensive — but otherwise unremarkable — NFTs, which stranded users would buy with their full balances. 



This allowed local accounts to withdraw the cash in full on their behalf. Blockworks reported at the time that the NFTs that sold for inflated prices added up $50 million in volume on the marketplace using this scheme.



The total amount allegedly taken out from Bahamian accounts is $100 million, according to Timmons, who asked Ray, “You plan on going after that money, correct?”



“We’ll investigate every potential course of action,” Ray answered. It’s still unclear how much of the funds were withdrawn by actual Bahamian residents.



When pressed on the matter again, Ray said that they will “certainly pursue every course of action to recover” the funds.



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FTX May Need To Claw Back $100M From 1,500 Bahamian FTX Accounts

Casey Wagner

The Securities Commission of the Bahamas has accused new FTX CEO John Ray of making “misstatements” in order to “advance questionable agendas” related to the exchange’s restructuring.&nbsp;



Liquidation veteran Ray has intentionally made misrepresentations relating to Sam Bankman-Fried’s relationship with the Bahamas regulatory authorities, the Commission alleged in a <a href="https://www.scb.gov.bs/wp-content/uploads/2022/12/SCB-Addresses-Misstatment-in-FTX-Delaware-Filing-13Dec22Final.pdf">statement</a> released Tuesday.&nbsp;



Ray released <a href="https://t.co/fM3zHyTFJu">redacted emails</a> between Bankman-Fried and Bahamian officials as part of the exchange’s bankruptcy filings. In the correspondence, Bankman-Fried tells officials that the exchange has “segregated” funds belonging to Bahamian customers and offered to open withdrawals for these clients only.&nbsp;



“Those redactions were designed to create a false impression of communications between Mr. Bankman-Fried and the Commission,” the Securities Commission of the Bahamas wrote in Tuesday’s statement. “These redactions are disturbing as Mr. Ray is aware that the full email reveals Mr. Bankman-Fried’s acknowledgement that he had ‘not briefed the Securities Commission.’”&nbsp;



The Commission’s statement comes less than 24 hours after <a href="https://blockworks.co/news/sam-bankman-fried-arrested-in-bahamas">Bankman-Fried was arrested in the Bahamas</a>. Bahamian officials cooperated with the US in detaining the disgraced founder, who faces charges of <a href="https://blockworks.co/news/sec-charges-sam-bankman-fried-with-defrauding-investors">money laundering and wire fraud</a> in the US.&nbsp;



The letter came as Ray <a href="https://blockworks.co/news/ftx-managed-critical-accounting-via-slack-new-ceo-testifies">appeared on Capitol Hill</a> Tuesday to address lawmakers and provide insight into how the exchange failed.&nbsp;



Ray made several accusations in his prepared testimony regarding the exchange’s business operations. He said the restructuring team has discovered FTX was commingling funds and inappropriately stored certain private keys “to access hundreds of millions of dollars in crypto assets without effective security controls or encryption,” according to his opening <a href="https://financialservices.house.gov/uploadedfiles/hhrg-117-ba00-wstate-rayj-20221213.pdf">statement</a>.



As of Tuesday, Ray has not responded to the Bahamian regulator, officials added in the statement.



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Bahamian Regulator Accuses John Ray of ‘Misstatements’ Regarding FTX

Bessie Liu

Bahamian authorities have arrested disgraced former crypto billionaire Sam Bankman-Fried at the request of the US government, according to the Prime Minister&#8217;s Director of Communications, Latrae Rahming.



Bankman-Fried will be held in custody in accordance with the Bahamas Extradition Act, according to a <a href="https://twitter.com/latraelrahming/status/1602446687712473088/photo/1">document</a> from the Office of the Attorney General and Ministry of Legal Affairs.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">On 12 December 2022, the Office of the Attorney General of The Bahamas is announcing the arrest by The Royal Bahamas Police Force of Sam Bankman-Fried (“SBF”), former CEO of FTX. <a href="https://t.co/CRNeLPAbVp">pic.twitter.com/CRNeLPAbVp</a>&mdash; Latrae L. Rahming (DOC)🇧🇸 (@latraelrahming) <a href="https://twitter.com/latraelrahming/status/1602446687712473088?ref_src=twsrc%5Etfw">December 12, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Rahming&#8217;s office could not be reached by phone, and did not immediately respond to an emailed request for comment.



Royal Bahamas Police Force officers arrested Bankman-Fried shortly after 6:00 p.m. ET at his apartment complex, Nassau Police Headquarters said in a statement shared with Blockworks. He is expected to appear in court on Tuesday.



Prime Minister Philip Davis said in a statement, “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.”



Members of the public whose assets are now part of <a href="https://blockworks.co/news/ftx-bankruptcy-like-enron" target="_blank" rel="noreferrer noopener">bankruptcy proceedings</a> in multiple jurisdictions may welcome accountability, but they are no closer to seeing the return of funds lost on the exchange. 



<blockquote class="wp-block-quote">
“The resolution of this matter will be an important step in the maturation of the digital asset industry and will hopefully serve as a catalyst for congress to develop laws to effectively regulate the industry,” Jeffrey Blockinger, General Counsel at Quadrata, a blockchain identity platform, told Blockworks.
</blockquote>



The arrest comes as a result of a sealed indictment filed by the Southern District of New York (SDNY), according to a tweet citing a statement by US Attorney Damian Williams.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.&mdash; US Attorney SDNY (@SDNYnews) <a href="https://twitter.com/SDNYnews/status/1602451395910803457?ref_src=twsrc%5Etfw">December 12, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Followers of the FTX saga <a href="https://blockworks.co/news/maxine-waters-subpoena-sam-bankman-fried" target="_blank" rel="noreferrer noopener">were eager to hear from the former CEO</a>, who was expected to testify remotely in a Congressional hearing scheduled for Tuesday. Bankman-Fried revealed he was still in the Bahamas, while answering questions on <a href="https://twitter.com/i/spaces/1mrGmkLNVDBxy" target="_blank" rel="noreferrer noopener">a Twitter space</a>, Monday. It&#8217;s not yet known whether he will be called to testify after his arrest.



Bankman-Fried had been asked by the Senate Banking Committee to testify at a Wednesday hearing about his collapsed company, but refused to do so, according to the committee.&nbsp; Pat Toomey and Sen. Sherrod Brown <a href="https://www.banking.senate.gov/imo/media/doc/brown_letter_on_bankman-fried_testimony.pdf">threatened</a> to Subpoena Bankman-Fried if he opted not to appear.



Bankman-Fried will be <a href="https://blockworks.co/news/sam-bankman-fried-new-attorney">represented in court</a> by former assistant US attorney for the Eastern District of New York Mark S. Cohen.



This story was last updated on Dec. 12, 2022, at 9:40 p.m. ET.



Ornella Hernandez contributed reporting.



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Sam Bankman-Fried Arrested in The Bahamas

Sebastian Sinclair

A Bahamas securities regulator on Thursday froze the assets of the local subsidiary of beleaguered cryptocurrency exchange FTX.&nbsp;



The Securities Commission of The Bahamas also took the first step into forcing the local subsidiary, FTX Digital Markets (FDM) into what’s known as provisional liquidation — where assets will be safeguarded for the time being, as opposed to distributing the company’s assets to creditors.&nbsp;



FDM’s registration — which permits the business unit to operate in The Bahamas — has been canceled by the regulator in a bid to “proactively” deal with the fast-developing situation, according to a <a href="https://www.scb.gov.bs/wp-content/uploads/2022/11/Securities-Commission-Statement-on-FTX-101122-Final.pdf" target="_blank" rel="noreferrer noopener">statement</a> from the regulator.&nbsp;



FDM is the Bahamian subsidiary of parent FTX Trading Ltd., owner and operator of FTX writ-large. FTX and its subsidiaries do not account for the US arm of CEO Sam Bankman-Fried&#8217;s businesses, FTX.US. 



The move follows reporting demonstrating that FTX and sister trading firm Alameda Research had been commingling assets — namely the exchange’s native FTT token — to prop up Alameda’s balance sheet. Industry participants and regulators since have been parsing whether FTX has been improperly trading customer funds via Alameda.&nbsp;



“The commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research,” the statement said.&nbsp;



Based on the commission’s preliminary findings, it appears the arrangement, without client consent, could be potentially illegal, the watchdog said.&nbsp; As such, the regulator appointed <a href="https://www.lennoxpaton.com/people/brian-simms-qc/" target="_blank" rel="noreferrer noopener">Brian Simms</a>, senior partner and head of litigation and insolvency at law firm LennoxPaton, to oversee its inquiry.&nbsp;



FDM’s executives, including Bankman-Fried, have been stripped of their operational powers, while assets belonging to both FTX and its clients are not allowed to be moved without Simms’ prior approval.&nbsp;



“The commission determined that the prudent course of action was to put FDM into provisional liquidation to preserve assets and stabilize the company,” the statement said. “The commission is committed to working with the provisional liquidator to endeavor to obtain the best possible outcome for the customers and other stakeholders of FTX.”

Bahamas Regulator Freezes FTX Assets

<div id="highlights-block_62681a0990048" class="highlights">
 <ul>
 <li>FTX cited friendlier regulations and looser Covid-19 restrictions as reasons for its move from Hong Kong to the Bahamas</li>
 <li>The island nation has pushed the pace for the development of sophisticated digital asset regulatory frameworks as it eyes large crypto businesses</li>
 </ul>
 
</div>



Cryptocurrency exchange FTX has cemented its relationship with the Bahamas, having broken ground Monday on its new headquarters in the country&#8217;s capital.



Announced partly by FTX&#8217;s co-CEO, <a href="https://twitter.com/rsalame7926/status/1518609692968341506?s=20&amp;t=JBEa31mkelEKhczwNDx5QQ" target="_blank" rel="noreferrer noopener">Ryan Salame</a>, the move could serve as a bellwether for similar crypto companies looking to take advantage of the island country&#8217;s favorable tax and regulatory frameworks.



Founded by billionaire Sam Bankman-Fried, FTX is incorporated in the neighboring island nation of Antigua and Barbuda, while its new headquarters will be based in the Bahamas&#8217; capital of Nassau.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">At the official groundbreaking for FTX’s coming headquarters in The Bahamas! <a href="https://t.co/c0N1eEJCY7">pic.twitter.com/c0N1eEJCY7</a>&mdash; SBF (@SBF_FTX) <a href="https://twitter.com/SBF_FTX/status/1518603431182807042?ref_src=twsrc%5Etfw">April 25, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The company plans to construct a campus at the same location, estimated to cost up to $60 million, with the intent of housing 1,000 employees, according to local news outlet <a href="https://thenassauguardian.com/planned-ftx-campus-to-cost-up-to-60-mil-house-1000-employees/" target="_blank" rel="noreferrer noopener">The Nassau Guardian</a>.



The complex will feature a boutique hotel with 34 rooms, as well as commercial space.&nbsp;



Last year, the crypto derivatives marketplace made the decision to <a href="https://cms.blockworks.co/bankman-fried-says-ftx-no-longer-calls-hong-kong-home-heres-why/" target="_blank" rel="noreferrer noopener">relocate from Hong Kong</a> to bluer waters, citing friendlier regulations and no mandatory Covid-19 quarantine upon arrival.



Coupled with its &#8220;<a href="https://www.ft.com/content/ced5ff02-6999-44e6-b9c9-611c17ebf6bc" target="_blank" rel="noreferrer noopener">draconian</a>&#8221; pandemic measures, the special administrative region&#8217;s <a href="https://apnews.com/article/china-hong-kong-beijing-democracy-national-security-9e3c405923c24b6889c1bcf171f6def4" target="_blank" rel="noreferrer noopener">bout and subsequent failure</a> to maintain its democratic government has led <a href="https://www.theguardian.com/world/2021/sep/07/hong-kong-international-companies-reconsider-future-in-wake-of-security-law">international companies</a> to reconsider their future in Hong Kong — jurisdictions including Singapore and the Bahamas appear sanguine, <a href="https://www.businessinsider.com/hong-kong-corporate-exodus-destinations-covid-quarantine-measures-2022-4#hong-kongs-stringent-pandemic-measures-have-taken-a-toll-on-the-citys-residents-with-exits-picking-up-pace-over-the-last-two-years-as-the-citys-zero-covid-strategy-wears-on-1" target="_blank" rel="noreferrer noopener">according to some</a>.



“The proactive stance taken by The Bahamas and its regulatory bodies on cryptocurrencies” was a primary motivator for the move, Bankman-Fried told Blockworks in a September email.



<h3>Paradise found</h3>



Joining FTX&#8217;s Bankman-Fried at the ceremony, Bahamian Prime Minister <a href="https://twitter.com/HonPhilipEDavis"></a>Philip Davis said the exchange left &#8220;positive footprints&#8221; throughout the country.



&#8220;Today, they continue to make positive impressions with the groundbreaking of their new headquarters,&#8221; Davis <a href="https://twitter.com/HonPhilipEDavis/status/1518641869110054914?s=20&amp;t=B-KqYUWNifeTHMTsjhg3qA" target="_blank" rel="noreferrer noopener">tweeted</a>. 



FTX&#8217;s announcement follows the Davis administration&#8217;s rollout of a <a href="https://opm.gov.bs/the-future-of-digital-assets/" target="_blank" rel="noreferrer noopener">policy white paper</a> on &#8220;The Future of Digital Assets in The Bahamas.&#8221;<a href="https://twitter.com/HonPhilipEDavis"></a>



The paper details the island nation&#8217;s four-year vision to transform the country into a &#8220;leading digital asset hub&#8221; in the Caribbean and to position itself as a global leader in the &#8220;progressive regulation&#8221; of crypto businesses.



Policy objectives set forth therein include intentions to expand the scope of current <a href="https://grahamthompson.com/updates/15-faqs-on-the-digital-assets-and-registered-exchanges-dare-act-2020/" target="_blank" rel="noreferrer noopener">legislative frameworks</a>, encourage innovation and develop skills to fill crypto-friendly jobs in high demand. 



Developing necessary skills will rely on the government&#8217;s partnerships with the University of The Bahamas, the Bahamas Technical and Vocational Institute, FTX and other financial institutions, according to a Tuesday <a href="https://opm.gov.bs/a-move-towards-innovation-the-bahamas-makes-its-mark-as-a-digital-assets-hub/" target="_blank" rel="noreferrer noopener">press release</a>.



The paper also lays out plans to expand the resources of the Securities Commission of The Bahamas to bolster its role as the main crypto regulator.



Following FTX&#8217;s ceremony, Davis said he was expecting to meet with another &#8220;digital crypto giant&#8221; immediately after, The Nassau Guardian <a href="https://thenassauguardian.com/pm-meeting-with-another-cryptocurrency-giant/" target="_blank" rel="noreferrer noopener">reported</a>. It is not yet known which company the prime minister was referring to.



<blockquote class="wp-block-quote">&#8220;As our country becomes the vanguard in digital assets around the Caribbean and the world, the policy that we put in place now can significantly generate a much needed economic recovery and change the landscape of the Bahamian financial markets as we know it,&#8221; Davis said.</blockquote>



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