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Last Updated: Mar 5, 2021 - 12:59:04 PM |
Minister Elsworth Nathaniel Johnson
Virtual Symposium: “FinTech and Digital Tokens: Legislation, Regulation, and Practice in The Bahamas”.
March 4th, 2021 10 am – 12 noon
Welcome Remarks
Thank you, Director Watson and a very pleasant good morning to all of you joining us today.
Today, we have gathered experts and practitioners to review legislative and regulatory changes and practical advances being made by professionals as it relates to financial technologies.
I am truly grateful for this opportunity to speak to you about the present and future of FinTech in The Bahamas as I formally welcome you to our symposium under the theme: “FINTECH AND DIGITAL TOKENS: Legislation, Regulation, and Practice in The Bahamas.”
This symposium is reflective of our shared vision for ushering in a new wave of FinTech innovations in The Bahamas, establishing this nation as a regional and world leader in the sector. My ministry is fully committed to facilitating this work and collaborating with our partner agencies, industry stakeholders and leaders to ensure that we are going about this work in the most thoughtful way possible. We will continue to deliver on our mandate of Advancement through Innovation.
As the world undergoes a period of accelerated digital transformation, The Bahamas will not be left behind. We are a small nation that has consistently punched above its weight in many respects when it comes to financial services, and there is no reason
for FinTech to be any different.
The government’s recent passage of the Digital Assets and Registered Exchanges Act or DARE Act, the Securities Commission of The Bahamas’ FITLink Fintech Hub and the launch of the world’s first ever Central Bank Digital Currency are proof positive of this administration’s forward-thinking agenda on FinTech, digital assets, and related innovations.
Our objective is to stabilize our strengths within the sector while continuing to expand our market share through new initiatives, attracting investors from around the world and creating a fertile environment for domestic participation in this emerging industry. This is what the Ministry of Financial Services, Trade & Industry and Immigration has set its focus on for the immediate and long-term future.
One of the ways we will achieve this is by engaging our most important stakeholders and providing critical information so that industry stakeholders, policymakers and regulators are all on the same page. That is why events like this one are so crucial to achieving our objectives.
Last year, on May 20th to be exact, we successfully hosted our first-ever Financial Services Virtual Symposium. We created a blueprint for effective virtual stakeholder engagement during the pandemic with a healthy turnout of more than 350 registrants and overwhelmingly positive feedback.
Today, we are building on that momentum and success, fine-tuning our approach and
strengthening our engagement strategies so that we can continue to have events like this as the world adjusts to the new normal
...TO CONTINUE SEE ATTACHED
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