Share this article
Bahamas to Allow Citizens to Pay Taxes With Digital Assets
Residents will also be able to access digital assets with the sand dollar, the country's official digital currency.
Updated May 11, 2023, 5:07 p.m. Published Apr 21, 2022, 3:21 p.m.
Make us preferred on Google
The Bahamas government will allow Bahamians to pay taxes using digital assets, according to a white paper that outlines the nation's digital asset strategy until 2026.
- The government will also start enabling Bahamians’ access to digital assets using the Bahamas sand dollar, a central bank-issued digital currency that was launched in 2020.
- "We have a vision to transform the Bahamas into the leading digital asset hub in the Caribbean," Prime Minister Philip Davis said.
- The release of the white paper comes one week before the Crypto Bahamas conference that will be hosted by cryptocurrency exchange FTX. Guests will include former U.K. Prime Minister Tony Blair, former U.S. President Bill Clinton and National Football League quarterback Tom Brady.
- FTX moved its headquarters to the Bahamas last September, with CEO Sam Bankman-Fried attributing the the move to a "progressive and forward-thinking crypto bill" that would regulate the industry in the country.
More For You
Regulation, derivatives helping drive TradFi institutions into crypto, panellists say
Non-participation in decentralized finance is becoming a career risk for traditional finance professionals, panellists said.
What to know:
- Major financial institutions are expanding into crypto derivatives as clearer U.S. regulation helps make digital assets a mainstream portfolio allocation.
- New products such as overnight rate futures, multitoken indexes and access to DeFi liquidity are enabling institutional investors to move beyond bitcoin into broader crypto exposure and arbitrage strategies.
- Futures and other derivatives, underpinned by a robust industrywide beta benchmark, will channel trillions of dollars of institutional capital into crypto, making non-participation a growing career risk for traditional finance professionals, panellists said.
Top Stories
