New Category : Nassau Guardian Stories

AG says Bahamas well-suited for Fintech firms

AG says Bahamas well-suited for Fintech firms

Thu, Oct 12th 2023, 02:28 PM

Attorney General Ryan Pinder said yesterday that Fintech firms will not find large jurisdictions friendly to their flexibility and innovation requirements and contended that small international financial centers like The Bahamas is where these kinds of firms will be nurtured and allowed to grow while being subject to world-class regulations.

Pinder, who spoke during the D3 Bahamas Conference, said while The Bahamas suffered the insolvency of FTX, the country has continued to attract licensees who want to be registered under the country's Digital Assets and Registered Exchanges (DARE) legislation.

He contended that the fall of FTX had a "material effect on the industry in The Bahamas".

However, he maintained that the industry is still viable and encouraged firms to choose a jurisdiction like The Bahamas where their industry is properly regulated.

"I would put forward that large economies are not where Fintech firms will be given the flexibility and predictability to innovate, it is the smaller international financial centers that meet internationally recognized regulatory standards and have the natural human resources and infrastructure for Fintech operations is where the industry will be given a suitable platform to grow, innovate and be successful," Pinder said.

"Naturally, I propose that The Bahamas is just this place. But don't judge us by what we say, but by the accomplishments that we have achieved, and the policy and regulatory reforms we propose.

"The Bahamas is a jurisdiction that takes pride in leading from the front and advancing regulatory innovation and compliance."

He added: "The industry is still a viable industry. I view the industry as not just a cryptocurrency related industry, but a Fintech industry.

"The components of the Fintech industry move and evolve so quickly that we shouldn't view it as a single component. We should view it as a transformational Fintech industry where we want to continue to innovate and continue to lead from the front."

Pinder said The Bahamas' "aggressive" approach to innovative legislation in the digital assets space is what is required of the country to be an industry leader in the space.

He said the country also has to ensure that other laws that could be relevant to this space keep pace with the advancements.

"We are developing new cyber-crime legalization, and we also are drafting a new Public Disclosure Act and regime that considers data security in the modern digital world, including aspects relate to artificial intelligence," said Pinder.

"We must be holistic and comprehensive in our approach."

He added: "The Bahamas is committed to regulatory integrity in Fintech. It is our fundamental belief that regulatory security, but not regulation to stymie development, is a fundamental necessity for Fintech innovation and growth."

Atlantis wants previous site options to be considered for seaplane project

Atlantis wants previous site options to be considered for seaplane project

Thu, Oct 12th 2023, 12:00 PM

After strong objections from residents at a town meeting on Tuesday night led to Acting Port Controller Berne Wright announcing that Atlantis will have to find another site other than Montagu Bay for its seaplane operation, an Atlantis official said yesterday the resort will ask the authorities to reconsider previous options presented. 

Vaughn Roberts, senior vice president of government affairs and special projects, said the company's technical experts developed a few location options.

These are the options that they will seek reconsideration on.

One of those options is the Nassau Harbour, which the Port Department determined was not feasible given the busy traffic that already exists.

Speaking with The Nassau Guardian yesterday, Wright said, "The next step will be that Atlantis will have to come up with other options to facilitate what they plan to do.

"The use of the Montagu Bay has been receiving a lot of opposition."

Many residents who attended a town meeting on Tuesday said the use of Montagu Bay for the sea aerodrome would negatively impact sailing. They reminded that sailing was only recently declared the national sport of The Bahamas.

Wright said, "The next move will be to recalibrate and propose an alternative site for consideration.

"That is all Atlantis' responsibility. We only respond to what they submit and, as you may be aware, it's a joint approval from the air side, Civil Aviation, and the Port Department will deal with the water side. Once a seaplane lands in water, it's considered a boat."

Wright added, "They wanted to use the old Chalk's site. However, since Chalk's has been discontinued, there has been considerable development in the harbor. For example, the cruise ship pier has been extended further east and there's a number of proposed developments and the harbor is more busy, so that may be a challenge, but it is something to look at."

At the town meeting at Queen's College on Tuesday, St. Anne's MP Adrian White said Atlantis needs to look at other locations. He questioned if Goodman's Bay would be a good location for the project.

Asked if the Port Department would find this feasible, Wright said yesterday, "A seaplane lands on water so any area would be a consideration, but there are variables that would determine whether it's feasible or not. Once their updated proposal is submitted, then we will consider it."

Atlantis in July submitted a formal application for a water aerodrome license to operate from Montagu Bay.

"The license supports Atlantis' desire to facilitate seaplane flight service for Atlantis guests and the Paradise Island community," stated Roberts in a letter to Director General of Civil Aviation Alexander Ferguson, and Wright.

"Atlantis guests and others on Paradise Island have indicated strong interest in flying to and from Paradise Island for day excursions to other islands in The Bahamas.

"In consultation with your agencies and our seaplane operator (Coco Bahama Seaplanes), we have settled on a program of domestic seaplane arrivals and departures in Montagu Bay with passenger transfers via floating platform to a ferry boat.

"The ferry boat will transport passengers between the floating platform and an existing dock at the Atlantis Marina. The ferry boat will also function as a safety boat supporting the safe operations of the seaplane in the movement area."

The excursions are planned to Spanish Wells, Eleuthera, and Kamalame Cay.

"As demand increases, we will look to expand the number of flights and excursion destinations within The Bahamas," Roberts stated.

"We also anticipate a number of charter flights based on demand. Please note that the seaplanes will be based at Odyssey Aviation in Nassau. The planes supporting the flights at the Montagu Bay aerodrome will originate from and return to Odyssey Aviation at the end of each operating day."

It is not yet clear how soon Atlantis intends to submit an updated proposal.

Wright said depending on what is submitted, there might be another town meeting for public engagement.

Merrill Eloise Thompson-Rolle
Merrill Eloise Thompson-Rolle

Thu, Oct 12th 2023, 11:19 AM

Baptists demonstrate faithfulness
Baptists demonstrate faithfulness

Thu, Oct 12th 2023, 11:09 AM

Hazel Yvonne Coleby
Hazel Yvonne Coleby

Thu, Oct 12th 2023, 10:44 AM

Father arrested after boy reportedly shoots himself

Thu, Oct 12th 2023, 10:20 AM

The father of a six-year-old boy was taken into custody after the boy reportedly shot himself in the abdomen around 8 p.m. Tuesday, police said.

Grand Bahama Police Press Liaison Officer Assistant Superintendent Stephen Rolle told The Nassau Guardian "from all indications, it appears that he shot himself with that firearm".

"His condition is stable at present and he's still being attended to by doctors," Rolle said yesterday.

"Additionally, a firearm was recovered and the father is assisting police with the investigation."

Police said hospital officials notified them about the incident.

"Preliminary reports indicate the child was at home when family members heard a loud bang and discovered the child inside a bedroom with injuries to the abdomen," police said.

"The child was taken to hospital where he remains in serious but stable condition.

"Acting on intelligence, police recovered a pistol along with a large quantity of ammunition and subsequently took the relative of the child into custody."

Rolle added, "Just want to advise the general public who may find themselves in possession of illegal firearms. If you have these firearms in your possession, you need to turn these firearms in to police.

"If you refuse to do so, we will find ourselves with these same types of incidents occurring on the streets of Grand Bahama. If you are caught with these firearms, you will be arrested and put before the court."

Charlotte Elvina Oliver
Charlotte Elvina Oliver

Thu, Oct 12th 2023, 10:18 AM

Kelli-Ann Francine Whyly-Sands
Kelli-Ann Francine Whyly-Sands

Thu, Oct 12th 2023, 09:55 AM

The Bahamas to face Antigua and Barbuda
The Bahamas to face Antigua and Barbuda

Thu, Oct 12th 2023, 09:54 AM

Kai Jones waived by the Hornets
Kai Jones waived by the Hornets

Thu, Oct 12th 2023, 09:38 AM

Extensive work at Thomas A. Robinson stadium to begin in November

Extensive work at Thomas A. Robinson stadium to begin in November

Thu, Oct 12th 2023, 09:17 AM

Over the next two months, The Bahamas is set to host a CONCACAF (Confederation of North, Central American and Caribbean Association Football) Nations League game against Antigua and Barbuda, another one against Guyana in November, a CONCACAF Women's Gold Cup match, and the National Collegiate Athletic Association (NCAA) Bahamas Bowl game December 16, all at  Thomas A. Robinson National Stadium. The hosting of those events may be in jeopardy as extensive work is set to start on the stadium on November 1.

Minister of Youth, Sports and Culture Mario Bowleg made that revelation yesterday during a Bahamas Football Association (BFA) press conference for the upcoming match for The Bahamas against Antigua and Barbuda. Bowleg also let it be known that they are in agreement with the Chinese government for extensive repairs.

"We have some serious work that is going to be starting on the stadium in January. I think in short order a decision is going to be made as it relates to the NCAA bowl game as whether that will be held here. I know we are in agreement with the Chinese government to commence some serious repairs, and that is supposed to start on November 1. Depending on when they come, along with the technocrats from the ministry of works, they will be able to determine that," Bowleg said.

Bowleg alluded that to get the stadium up to par, it will cost $30 million, but to make it safe and presentable it will cost $10 million. However, with the Chinese government being involved in the repairs, Bowleg said that The Bahamas might not use the $10 million that was allocated.

"We were preparing the stadium for the world relays and CARIFTA in 2024, which will allow it to be presentable and safe enough," Bowleg said. "That is what the $10 million was allocated for. However, the Chinese government is going to be coming, so The Bahamas might not use any of the $10 million. The Chinese government might end up funding the entire repairs, which will most likely happen. This was a gift to us. It is now up to them to do the repairs to a building that we felt was not up to proper standard from day one."

As for the nature of the work that is set to begin on the stadium, Bowleg said they will be completely shutting down the Western Grandstand and will use the Eastern Grandstand to accommodate the CONCACAF Nations League game on Saturday.

"We know that we will not be dealing with the field, but definitely the Western Grandstand will be shut down. We will probably have to see how best we can use the Eastern Grandstand along with the field because most of the construction is going to start on the Eastern Grandstand. One of the first things they will do is take off these roofs. There is a way that we believe that we can work it out, but in some cases, other events we will have to cancel like the bowl game. It might not look too good with construction going on at the same time," Bowleg said.

There is not a timeline for when the repairs will be completed but Bowleg knows that it needs to be ready for CARIFTA which is in Easter 2024 and the World Athletics World Relays which is May 4-5, 2024.

"I can't say, but we can anticipate; but I know one thing, that it needs to be out the way for CARIFTA Swimming and the world relays," Bowleg said. "The idea is that by March, they can be completed and get things out the way. There is a lot of equipment being ordered at this time for installation. It takes some time, but most things will come here already prepared and ready to be implemented. The most work that will be done is the removal of the roof, and once the roof and infrastructure comes, it is just a matter of putting it on. In my opinion, that will be the easiest part."

The track at the stadium and the old stadium, both got restriped earlier this year.

The post Extensive work at Thomas A. Robinson stadium to begin in November appeared first on The Nassau Guardian.

The post Extensive work at Thomas A. Robinson stadium to begin in November appeared first on The Nassau Guardian.

Sidney Knowles
Sidney Knowles

Thu, Oct 12th 2023, 09:00 AM

JUDITH MARGARETA BAILLOU
JUDITH MARGARETA BAILLOU

Thu, Oct 12th 2023, 08:37 AM