Philip Davis indicates country has ‘not identified any deficiencies’ in crypto regulatory framework
email rounding up the latestThe Bahamas could not have prevented the failure of digital asset exchange FTX and has found no “deficiencies” in its crypto regulations, the country’s prime minister told parliament on Wednesday.
The failure of Bahamas-based FTX last week has left its clients facing potentially huge losses, while eroding market confidence and triggering fears that the collapse will spread across the industry and engulf other leading companies. FTX was regulated by the Securities Commission of the Bahamas, and cited the island nation’s crypto-friendly regime as a reason for switching from Hong Kong last year.liquidity crisis to date, we have not identified any deficiencies in our regulatory framework that could have avoided this,” Davis said in prepared remarks.
Davis said that FTX-related probes “are to be of the highest order and given precedence, given the amounts involved and because committed and rigorous oversight is of national importance. We will be co-ordinating these efforts with duly appointed authorities in other jurisdictions.”
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