Crypto, ICO rules completed within ‘the next 30 days’


Tribune Business Reporter

A regulatory framework to facilitate initial coin offerings (ICO) and crypto currency exchanges in The Bahamas could be completed within 30 days, Government’s technology “hub” chairman said yesterday.

Dr Donovan Moxey, pictured, addressing a Bahamas Chamber of Commerce and Employers Confederation (BCCEC) breakfast, said: “We are working on a regulatory framework around initial coin offerings (ICOs) and exchanges. I’m a part of the group putting together the regulatory framework, and we hope to have that done in the next 30 days.”

He added that the Government is embarking on a series of trade missions to promote The Bahamas’ fledgling technology sector. This, he said, came on the back of developing the BH-1B work permit to target companies the government is seeking to attract for its technology hub - especially those that come in under the Commercial Enterprises Act.

“We indicated that we needed to put in a new type of work visa and permit to facilitate attracting companies here. The Government has implemented that. We also indicated that blockchain technology was the lowest hanging fruit, and we needed to put the Bahamas on the map,” said Dr Moxey.

The Bahamas’ first blockchain and cryptocurrency conference was held on Grand Bahama in June, and he added: “The Government is putting in the necessary rules, regulations and  framework to make sure we are ready for companies that do come here.

“In the last 12 months, the Government has proactively done a lot of things and implemented a lot of things recommended by the technology hub committee. The last thing we want to do is go out there and promote the Bahamas and not be ready.

“Technology folks by their very nature are impatient. They come and expect a certain level of treatment and timeline for implementation. If you do not deliver that they will walk away; you will have a bad name and they never come back,” Dr Moxey continued.

“What we want to do is attract those blockchain entrepreneurs to The Bahamas so that the next Google or the next Facebook of the world will be a company that got started in The Bahamas, and hopefully Bahamians will be a part of that. The world is what we are targeting, and we just want those companies to be based here.”