The chairman of Bahamas’ technology “hub” recently shared that the ICO and the crypto exchanges will be facilitated in the country by a regulatory framework. The new framework is expected to be completed within a month.
Dr. Donovan Moxey addressed the BCCEC (Bahamas Chamber of Commerce and Employers Confederation) and revealed that the government is developing a new regulatory framework related to ICOs and exchanges. He also feels hopeful that the task will be completed within 30 days.
Moxey further said that Bahamas’ government is working on several trade missions with an aim to promote the underdeveloped technology sector of the country. The new effort comes after developing a work permit called BH-1B for all such businesses the government is trying to allure towards its technology hub – particularly the ones that fall within the scope of the Commercial Enterprises Act.
Moxey also said the government feels that the Blockchain technology is the lowest hanging fruit and they should put the country on the map. It was in June this year when the country’s first conference on Blockchain and cryptocurrency was hosted in Grand Bahama.
The government seems to be keen to have all the necessary framework, regulations, and rules in place to ensure that the country is prepared for the companies to go there. Bahamas’ government has been extremely proactive in implementing the recommendations made by the technology hub committee in the last one year, Bahamas Tribune reported.
Bahamians Are Enthusiastic About ICO Crypto Opportunities
The people of Bahamas are excited to explore the various cryptocurrency opportunities according to a local businessman of the country. This theory was substantiated when around 80 locals bought tokens from a digital currency start-up business’ Australian offering recently.
The interest of the residents in the ICO crypto space can be further understood from the fact that the Zucoin cryptocurrency saw an increase in its value by a whopping 233 to 300 percent ever since its promotion started last year, according to another report from Tribune.
The post Bahamas’ Regulatory Framework to Smoothen ICO, Crypto Exchanges within 30 Days appeared first on OWLT Market.
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