Prime Minister and Minister of Finance, the Hon. Philip Davis addressed the House of Assembly on the collapse of FTX Digital Markets yesterday.
He told Parliamentarians, “a key priority for us, of course, is the full and absolute protection of the rights and remedies of The Bahamas and our citizens to minimize losses and to mitigate the overall impact caused by any misconduct.”
Davis says that he has instructed that the investigations are to be of the highest order. “I have every confidence that The Bahamas will emerge from the proceedings involving FTX, proceedings taking place here as well as in other jurisdictions, with an enhanced reputation as a solid digital assets jurisdiction.”
The Prime Minister also said no deficiencies have been identified in the regulatory framework which could have avoided what has happened to FTX. He further stated, “The Bahamas is already on track to update the regulatory framework before year’s end to address lessons learnt as a results of this year’s crypto winter. No doubt, as the various jurisdictions involved unravel the actions that led to this moment we will be among the first jurisdictions to gain and put to use valuable insights.”
The assets of FTX Digital Markets were frozen by the Securities Commission of The Bahamas and liquidators appointed by the Supreme Court after the crypto giant filed for Chapter 11 bankruptcy in the United States.