Doing Business In A Connected World: Bahamas 2024 Roundtable
In the 2024 edition of the Opalesque Bahamas Roundtable, we bring together a panel of experts to discuss the latest developments, opportunities, and break-throughs in the global financial services industry.
- Dr lyandra Smith Bryan, Chief Operating Officer, Quantfury Trading Limited
- Delphino Gilbert Cassar, Head of Business, Development & Fintech of the Equity Group
- Paul Winder, Global Head of Wealth Planning, Deltec Bank & Trust Limited
- Antoine Bastian, Chief Executive Officer, Genesis Fund Services Limited
Striking the Right Balance
The Bahamas was one of the first countries to implement the FATF standards as one of only six jurisdictions of over 200 worldwide. All fund structures are also fully compliant with the OECD's Base Erosion and Profit Shifting (BEPS) framework and the European Union's economic substance requirements.
When it comes to regulate digital assets, some jurisdictions have been trying to fit them awkwardly into existing securities legislation, but it's clear these are fundamentally different types of products and assets than traditional securities, so that approach tends to be suboptimal. The Bahamas Digital Assets and Registered Exchanges Act (DARE Act) established a comprehensive, fit-for-purpose pioneering regulatory framework for the sale, issuance, and trading of digital assets in or from The Bahamas. This is a huge differentiator because there are still very few countries in the world that have enacted bespoke legislation covering digital assets in such a thorough manner.
The enhanced DARE Act will address important issues particularly around segregation of duties, managing conflicts of interest in proprietary trading, strict segregation of customer assets from company assets, and expanding the scope of regulated digital asset activities. The DARE Act takes an activities-based approach to licensing and a risk-based approach to supervision. It also tackles major emerging issues like stable coins and their reserve management. It provides clearer definitions and stratification of digital assets like utility tokens versus security tokens. This entails a classification of non- fungible tokens into distinct categories, making The Bahamas a secure, well-regulated jurisdiction for digital asset businesses.
Investors queue up: How The Bahamas leads the charge in Green Finance and "Blue Carbon"
The Bahamas has the world's largest seagrass meadows, which accounts for approximately 25% of the world seagrass. The discussion delves into the transformative potential of green finance and the Bahamas' strategic initiatives in carbon verification and trading. The integration of carbon credits based on seagrass and the development of a robust carbon market infrastructure not only enhance the country's environmental stewardship but also position it as a leader in sustainable finance, which is witnessed by the massive surge of interest from major Wall Street, global firms, family offices and institutional investors who are keen to participate.
The panellists give hands on guidance and insights on:
- Why the Bahamas DARE Act represents a comprehensive framework covering everything from token issuance, custody, and exchange operations: Page 7-10
To view the full article please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.