|Authored by:||Bahamas Information Services|
|Source:||Ministry of Economic Affairs|
|Date:||November 24, 2022|
Ministry of Economic Affairs officials paid a courtesy call on the office of cryptocurrency exchange, OKX, as a part of the Ministry’s stakeholder engagement efforts while in Singapore for the Society of Trusts and Estates Practitioner’s (STEP) Asia financial services conference.
OKX, the world’s second largest cryptocurrency exchange recently registered as a digital assets business under the Digital Assets and Registered Exchanges (DARE) Act to launch a digital assets enterprise within The Bahamas. The company has announced plans to use The Bahamas as a regional hub to meet the needs of a growing population of cryptocurrency users and investors within the Caribbean and Latin America.
Senator the Honourable Michael Halkitis, Minister of Economic Affairs, says that the government has embraced the opportunity to welcome OKX to The Bahamas as the Davis administration promotes The Bahamas as a Fintech hub:
“As we move forward with our agenda of economic growth and diversification, we are fully embracing the digital economy opportunities coming through the various Fintech, digital assets, and Web3 based businesses who are interested in The Bahamas due to our robust financial services and digital assets legislative framework.”
On site for the visit were Minister Halkitis, Director of Financial Services, Brandace Duncanson, as well as other Ministry of Economic Affairs team members. The OKX team hosting the Bahamian delegation included Ben Bowden, Global Head of OKX Compliance, Kairi Azmi, the Singapore General Manager of OKX’s sister company, OKCoin, and Kenneth Lo, Deputy General Counsel for OKCoin’s Licensing and Regulatory department.
The visit included a tour of OKX’s Singapore Office, as well as a dinner-meeting in which OKX discussed its plans for The Bahamas and the rest of the Caribbean and Latin America.
Given recent events that have impacted the global cryptocurrency markets, Minister Halkitis stated that investors like OKX continue to show an interest in establishing a foothold in The Bahamas and have demonstrated their commitment to the growth of the local digital economy.
“While we were in Singapore for the STEP Asia conference, it was very important for us to take the time to visit OKX as a major investor in The Bahamas. OKX has demonstrated a commitment to The Bahamas with its recent appointment of a Bahamian CEO, Dr. Jillian Bethel, and the hiring of Bahamians in key positions.”
”These are the kind of high-level employment opportunities we believe will become the norm given The Bahamas’ high levels of talent and ideal regulatory environment for Fintech. We are very keen to maintain relationships with investors like OKX who are setting the pace with inclusion of Bahamians at every level of the organization.”
OKX is a lead sponsor of the inaugural Bahamas Fintech Festival, D3 Bahamas, which is taking place at the Atlantis Resort from January 23rd to January 26th, 2023. D3 Bahamas will be cohosted by the Securities Commission of The Bahamas. The event will include a Venture Capital Forum, a million-dollar pitch competition, and dialogue with global regulators. The D3 Bahamas festival is expected to generate more interest from Fintech investors and further solidify The Bahamas’ position as an emerging Fintech hub.
Those interested in learning more can visit the D3 Bahamas website at www.d3bahamas.com.