BAHAMAS RELAUNCHES DIGITAL ASSETS SUMMIT

THE Securities Commission has partnered with the Government to relaunch the first-ever D3 Bahamas Fintech Festival as part of this country’s renewed push to establish itself as a digital assets hub.

The event, which is set to take place from 10-12 October at Atlantis, was rescheduled from a date earlier this year in the wake of the FTX crypto currency exchange’s implosion. Staged in partnership with Finoverse, it will seek to promote The Bahamas as a centre of innovation in digital assets, decentralised finance and blockchain technology.

“The Bahamas is committed to leading the Fintech (financial technology) and Web3 industries as we facilitate innovation and cross-border development,” said Prime Minister Philip Davis KC in a statement. “D3 Bahamas is ready to make a transformative impact for entrepreneurial Bahamians and international Fintech leaders as we collaborate on progressive policies that protect the public and support the continued growth of this industry. The Bahamas is open and ready for business.”

D3 is designed to represent the trio of decentralisation, digitisation and disruption of the status quo, focusing on the advances made by digital assets, decentralised finance and blockchain technology. The conference will also aim to showcase The Bahamas as a hub for technological innovation.

D3 will invite more than 800 builders, international regulators, investors, founders and thought leaders to its conference. Discussion topics will include regulation; the building blocks for Fintech (financial technology), and the steps required to transition to a successful digital economy.

“The Bahamas welcomes Fintech and Web3 leaders to Nassau for three days of discourse and networking through presentations, panels and workshops,” said Christina Rolle, the Securities Commission’s executive director .

“We are excited to present a Fintech event that not only embraces technological innovation but one that will serve as a driver for the development of inclusive and effective regulation. D3 Bahamas brings Fintech and Web3 creators and builders, enthusiasts and regulators together to better understand the and long-term commitment from the destination to improve security measures.

Decreased tourist arrivals

High crime rates or safety concerns directly impact tourist arrivals. Potential visitors may opt for alternative destinations perceived as safer, leading to a loss of revenue and missed economic opportunities. The decline in arrivals affects various sectors associated with tourism, including accommodation, transportation, food and beverage, entertainment and other local businesses, thereby impacting overall economic vitality. This can be a slow death for an economy that relies heavily on the cash flow that visitor spending injects.

Reduced foreign investments

If the cruise ship passenger and the stopover visitor opt out of their investment, the larger investor will likely do the same. A secure and stable environment is crucial for attracting foreign investments in the tourism sector. Investors seek destinations with a positive reputation for safety, where they can confidently establish infrastructure and develop tourism-related businesses. High crime rates, or safety issues, can discourage foreign investors, resulting in a lack of funds for infrastructure development, job creation and expansion of tourism-related services.

Strained local businesses

As mentioned earlier, tourism-dependent local businesses, such as hotels, restaurants, souvenir shops and tour operators, rely heavily on tourist spending. When crime rates increase, tourists may become cautious about venturing out or engaging in leisure activities, impacting the revenues of these businesses. The decline in business performance can lead to lay-offs, reduced wages and even business closures, affecting the livelihoods of the local population.

Increased costs and diversion of resources

Addressing crime and security concerns requires crucial growth connections. If accepted, projects will be introduced to global and regional venture capitalists, regulators, policymakers and Finoverse communities around the world. needs of this burgeoning community,”

Digital assets projects are encouraged to apply to D3’s Start-up Programme. This is intended to develop the Web3 community by introducing start-ups to

Anthony Sar, Finoverse’s co-founder and chief executive, said: “At Finoverse, we’ve connected Fintech and Web3 creators across Asia, Europe and the Middle East, and now we’re uniting our communities with the west. Our team is excited to join the Nassau community and host an unforgettable weekend as we welcome the next generation of Fintech and Web3 innovation to The Bahamas.”