Business

Investment company likens FTX’s arrival to establishment of Atlantis

Local investment firm Weiser Global Capital Markets is comparing the decision of cryptocurrency exchange FTX to build its global headquarters in The Bahamas to Sol Kerzner’s decision to develop Atlantis in The Bahamas, while also praising the government for the Digital Assets and Registered Exchanges Act (DARE), Weiser said yesterday in a statement sent to Guardian Business.

Director of Weiser Christos Livadas said in the statement that FTX’s decision to build its headquarters in The Bahamas is a “vote of ultimate confidence in our country”, as lawmakers and financial services providers prepare to transform the jurisdiction into the premier fintech territory in the region. 

“We liken FTX’s vision in headquartering here to the legendary business insights of the late Atlantis founder Sol Kerzner, who redeveloped a tired property into an iconic destination resort that completely redefined Bahamian hospitality, said Livadas.

“That is the scale of what FTX’s ground-breaking ceremony means to The Bahamas.

He added: “Just as Atlantis became the clear choice for travel, FTX is establishing The Bahamas as the destination for the future of fintech.”

Weiser provides personalized, full-service, multi-asset trade execution, settlement, custody and clearing services and has a global client pool. The company’s chief compliance body is the Securities Commission of The Bahamas (SCB).

Weiser added that the SCB’s work on the DARE act is now enticing some of the world’s largest cryptocurrency exchanges to look at domiciling their companies in this country.

“Weiser applauds the vital role played by the Securities Commission of The Bahamas, which regulates, monitors and supervises the issuance of digital assets; those conducting digital asset businesses and their activities,” the statement said.

“The Bahamas is one of the few countries in the world to draft and pass a comprehensive crypto licensing bill, and a white paper outlining the future of digital assets was released in the weeks preceding the Bahamas Crypto Bahamas conference.

“The white paper sets out a vision and a framework to guide Bahamian digital asset policy through 2026. Meanwhile, the United States, the UK and other countries have instead been scrutinizing the crypto-assets industry more closely, and China has barred all crypto-related transactions.”

Weiser’s Chief Compliance Officer Shelby Brice said in the statement that the country has sent a message to the world that the local fintech community is “strong, unified and ready for the new world of finance”.

Weiser added in its statement that The Bahamas’ landmark regulatory framework for digital assets is vital for the industry as a whole. 

“This strong foundation also skyrockets The Bahamas to the top of the global fintech stage while throwing open the country’s doors for business,” the statement said. 

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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