The country’s first company registered with the Securities Commission of The Bahamas (SCB) as a digital asset exchange, FTX Digital Markets, officially opened its office yesterday, another milestone for a company set to do just under $1 billion in revenue this year, its founder Sam Bankman-Fried, told Guardian Business yesterday.

The Bahamas’ Digital Asset Registered Exchanges legislation, also known as the DARE Act, has attracted the world’s third largest, according to Bankman-Fried, digital assets exchange provider.

Coinmarketcap.com indeed ranks FTX third with a trading volume at $4.3 billion.

Bankman-Fried explained that he chose to bring FTX to The Bahamas because of the country’s strong regulatory framework in the digital assets space.

“We’ve been really impressed by the regulators and by the government here,” said Bankman-Fried.

“They passed the DARE Act and it provided one of the first comprehensive regulatory frameworks for cryptocurrencies in the world and they’ve been a pleasure to work with.

“They’ve been constructive. They’ve been thorough. They have been fast, and they’ve given helpful feedback… really pleasant and forward-thinking.

“It’s all we’ve asked for in a regulatory partner. We’re really excited to be the first recipient of a digital asset exchange registration with the Securities Commission of The Bahamas, and this is also just a place that a number of our employees have just enjoyed being.”

He explained that FTX is a global cryptocurrency exchange founded in spring 2019, that has built out a sophisticated suite of trading and investing tools for users on its platform.

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