Blockchain Bites: Crypto Bahamas: Insights from the week

Crypto Bahamas: Insights from the week

The Crypto Bahamas conference recently heard from industry and thought leaders alike, former politicians and a star quarterback.

Speakers at the Summit shared insights on pressing issues in the ongoing growth of crypto including financial services regulation, tracing of transactions in crypto and of course NFTs.

Below are a few quotes from some of the amazing speaker line up:

On the topic of the need for regulation to be flexible, Chloe White of Genesis Block said:

like many I didn’t see the NFT boom coming… a trap is regulators making rules for [how] things are now, which will [quickly] be[come] outdated… regulators cannot eliminate harm in every situation, there needs to be an open mindedness and flexibility and a tolerance for some risk.

Executive Director of the Securities Commission of the Bahamas, Christina R. Rolle, also took the opportunity to comment on the requirement for flexible legislation, focusing on the domestic experience of the Bahamas:

The regulatory journey in the Bahamas was from 2017, [when there was] interest from the market looking for a regulatory home… one of the benefits of being a smaller jurisdiction is the ability to bring policy makers along so they can understand what the market wants… We learned enough about crypto to help us apply our regulation sensibly.

Speaking on the need for regulation to be flexible as well as balanced in serving the interests of consumers, Basil Al Askari of MidChains said:

There’s a huge rift arising from lack of uniform regulations in areas, I’ve had bankers come witness wet-ink signatures in my office… regulations need to avoid being over burdensome and help strike a balance to keep consumers safe and helping innovation move forward.

Thaigo Cesar took the opportunity to talk upon the misconception that cryptocurrencies are primarily used for financial crime:

In 2015 one congressman tried to ban crypto in Brazil because of a worry about…

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