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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.
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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.
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The crypto platform's penalty was sharply reduced due to its ability to pay, according to U.S. authorities.
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- The U.S. Department of Justice won a $4 million penalty from former crypto platform Paxful in a sentence tied to the dodging of money-laundering laws.
- The amount was reduced from an original amount of $112 million by prosecutors after determining the business couldn't pay that much, the DOJ said.
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