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Bahamas Crypto Advocates Undeterred Despite FTX’s Downfall

  • Philip Davis says that probe into crypto firm is top priority
  • Nation’s regulatory framework is solid, Davis tells parliament
Bahamas Prime Minister Philip Davis
Bahamas Prime Minister Philip DavisPhotographer: Islam Safwat/Bloomberg
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Bahamas Prime Minister Philip Davis isn’t backing away from his country’s bid to be a hotbed for digital-asset companies, even as the collapse of FTX rattles crypto investors worldwide.

In an address to parliament on Wednesday, Davis said that his government hasn’t found issues with its regulatory framework that could have helped avoid the turmoil. Rather, Davis said, the rules that the Bahamas has in place let regulators take “immediate steps in order to protect the interests of clients, creditors, and other stakeholders globally.”