Monthly Archives: September 2021

FTX's Bahamian Subsidiary becomes first digital asset business licensed under The Bahamas DARE Act

NASSAU, Bahamas, Sept. 20, 2021 /PRNewswire/ -- FTX Trading Limited ("FTX'' or "the Company"), owner and operator of leading global cryptocurrency exchange FTX.COM, today announced that its Bahamian subsidiary, FTX Digital Markets, has been registered by the Securities Commission of the Bahamas as a digital assets business under the Digital Asset Registered Exchanges Bill or the "DARE Act." The modernized DARE Act, which establishes a full regulatory framework for digital asset activities, provides greater opportunities for digital asset businesses and will allow FTX to expand its platform in a compliant manner.

FTX (PRNewsfoto/FTX International)

Sam Bankman-Fried, CEO & Founder of FTX, commented on the news, "With this expansion through the DARE Act we are further committing to providing all our clients with a safe, trustworthy, and compliant exchange. We are committed to maintaining a close working relationship with local regulators so that together we can navigate putting a comprehensive regulatory framework in place to help promote the growth of this nascent asset class."

FTX Digital Markets expects to establish a substantial presence in The Bahamas as FTX continues to expand its global presence. Ryan Salame, former Head of OTC at Alameda Research has been appointed as the CEO of FTX Digital Markets and will be responsible for leading their local initiatives. Ahead of establishing headquarters in Nassau, Bahamas, a team of Bahamian and international partners worked closely with the Securities Commission of the Bahamas to secure this regulatory approval. Already, plans are in place to hire Bahamians to serve in key roles in the areas of finance, marketing, and software development. This will also provide local talent with the opportunity to join one of the fastest growing exchanges in the rapidly growing cryptocurrency industry.

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Ryan Salame, CEO of FTX Digital Markets, concluded, "I'm excited to plant the flag for FTX in The Bahamas. The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act, gives me confidence that we'll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions."

About FTX Digital Markets

FTX Digital Markets is the Bahamian subsidiary of FTX Trading Ltd., owner and operator of FTX, a leading cryptocurrency exchange built by traders for traders. FTX Digital Markets offers users regulated access to FTX's industry-leading derivatives, options, volatility products, and other FTX products and services.

About FTX

FTX is a crypto-trading exchange built by traders, for traders. We offer innovative products including industry-leading derivatives, options, volatility products, tokenized stocks, prediction markets, leveraged tokens and an OTC desk. We strive to be an intuitive yet powerful platform for all kinds of users. FTX strives to be the most innovative exchange in the industry and has grown quickly since its founding, becoming one of the most respected crypto exchanges in the world in less than 2 years.

To learn more about FTX, please visit: https://ftx.com/

FTX is not available to US residents or residents of other prohibited jurisdictions, as set out in its Terms of Service.

Media Contact

Jay Morakis

M Group Strategic Communications (for FTX)

+1 646-859-5951

FTX@mgroupsc.com

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SOURCE FTX Trading Ltd.

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FTX Establishes Substantial Presence in the Bahamas and Appoints Ryan Salame as CEO - Yahoo Finance

The US-based rating agency Moodys has downgraded the sovereign creditworthiness of The Bahamas as the country welcomed a new government last week following general elections.

Moodys slashed the countrys long-term issuer and senior unsecured ratings to Ba3 from Ba2, warning that the devastation inflicted by the COVID-19 pandemic and Hurricane Dorian in 2019 will have lasting consequences for the Bahamian economy, while predicting that stopover arrivals will return to pre-pandemic numbers in 2024.

Moodys, in maintaining a negative outlook on The Bahamas, justified the downgrade by saying the downgrade to Ba3 reflects the significant erosion of The Bahamas economic and fiscal strength brought on by the coronavirus pandemic.

Moodys expects the gradual recovery in tourism to leave a long-lasting impact on The Bahamas credit profile through materially higher debt and interest burdens, which will significantly exceed those of Ba3-rated peers.

Moodys said that The Bahamas US$10.356 billion national debt is now more than six times bigger than the governments annual income or revenue base, and financial observers warn that the latest report by the US rating agency could lead to a further increase in the governments borrowing costs.

The former government had already indicated that its 2021-2022 borrowing plan would result in the country seeking to place a US$700-million bond with the international capital markets in late September-early October, depending on prevailing conditions.

The rating agency only cut The Bahamas sovereign creditworthiness, which measures the governments ability to pay its debts and bills, by one notch this time, having slashed it by two spots in June 2020.

The duration and severity of the coronavirus shock has fundamentally weakened The Bahamas credit profile with lasting consequences in terms of a higher debt burden and weaker debt affordability, as well as reduced economic strength, Moodys said.

It said real gross domestic product, or GDP, contracted by 14.5 per cent in 2020, with the tourism industry most severely affected by a shutdown that lasted for most of the year. Despite the uptick in tourism activity in recent months, The Bahamas faces prospects of a slow economic recovery, and one that remains vulnerable to potential future variants of the coronavirus. Moodys expects stayover tourist arrivals to return to 2019 levels only by 2024 at the earliest.

It said that with The Bahamas debt and interest repayment burdens higher than other countries rated Ba by Moodys, the rating agency added that the $10.356 billion national debt was six times higher than the governments COVID-reduced revenues at end-June 2021.

The Bahamas debt burden was already higher than Ba-rated peers prior to the pandemic, and will remain above similarly rated peers as the economy recovers only slowly from the pandemic, Moodys said.

Fiscal consolidation driven by the removal of COVID-related spending on unemployment benefits and other related items, along with a revenue recovery, will support fiscal consolidation, which will reduce the debt burden gradually.

The Bahamas debt burden will remain close to 80 per cent of GDP by the end of fiscal year 2022-2023, well above the Ba3-rated median (60 per cent). Moreover, The Bahamas narrow revenue base means its debt measured by the debt-to-revenue ratio, which stood at 509 per cent at the end of fiscal year 2020-2021, will also remain significantly higher than the Ba-rated median of 266 per cent.

The combination of a rising debt burden and a decline in revenue contributed to a further worsening of debt affordability, with the interest-to-revenue ratio increasing to 23 per cent in fiscal year 2020-2021, compared with 16 per cent in fiscal year 2019-2020. Moodys expects the interest-to-revenue ratio to peak in fiscal year 2021-2022, but to remain above 20 per cent over the subsequent three years, and significantly higher than rated peers.

But Moodys also indicated that the governments debt had a favourable structure, thanks to a captive domestic investor base, while its external debt has a long maturity profile due to principal repayments being spread out between issues and over many years.

The Bahamas relatively strong institutional framework, stable political system, and a fiscal policy framework that is more responsive to economic shocks have supported the credit profile, it said, noting that the country also stands out among similarly rated peers because of its comparatively high level of GDP per capita, which supports its debt-carrying capacity.

However, Moodys said that the downgrade was initiated because the countrys economic strength had materially decreased while its debt burden had skyrocketed, thus leaving the country extremely vulnerable to future hurricanes, pandemics and recessions.

The negative outlook reflects the ongoing risks to the credit profile related to the pace of fiscal consolidation, which will be determined largely by how quickly tourism activity recovers. A slower pace of fiscal consolidation would result in higher borrowing requirements and exacerbate funding risks.

The reliance on indirect taxation VAT and excise taxes makes government tax collection more sensitive to the speed of the economic recovery. A slower recovery would place downward pressure on revenue and limit the speed of fiscal consolidation, and prospects for debt stabilisation. Larger-than-expected fiscal deficits, in turn, would increase reliance on external market borrowing and could create external liquidity pressure.

Moodys suggested that an improvement in the countrys sovereign credit rating was unlikely in the near term, noting the implementation of fiscal and economic policies that support a fiscal consolidation process that places government debt on a more durable downward trajectory would likely result in a return to a stable outlook.

An improvement in debt affordability, which includes relying more on lower-cost domestic and external official sources of funding over more expensive external market issuance, could also support a return to a stable outlook, it said.

CMC

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Moody's downgrades The Bahamas' sovereign creditworthiness | Business - Jamaica Gleaner

They call him "the machine," the undisputed king of the deep, for the punishing depths he dives to in one single breath. Thirty-four-year-old Alexey Molchanov holds 24 world records in the rapidly growing extreme sport of free diving. This past July, 60 Minutes was with him when he broke yet another record, diving 430 feet - more than the length of a football field - while holding his breath underwater for over four and a half minutes without a scuba tank.

Molchanov is part of a growing number of elite free divers who gather annually at Dean's Blue Hole in the Bahamas to compete against one another in the "Vertical Blue Competition." Sharyn Alfonsi was there to report on the breath-taking story for the next edition of 60 Minutes, Sunday, September 26 at 7 p.m. ET/PT on CBS.

Molchanov has been nearly unbeatable in three out of four free diving disciplines, competing against himself and working to break his own records. He's far from done, he tells Alfonsi.

"I don't think [I am finished]. I know with all the skills I have, with all the mind-control I have, I can go deeper and so because I can, then I will," Molchanov says. "I enjoy finding new boundaries and pushing them further because I know I can. I know through all these years and the thousands of hours of training and diving how well I can use my oxygen, how slowly I can use it and how efficient is my technique."

Technique is critical as the sport is extremely dangerous. Subjecting the human body to the pressure of water at this depth can cause confusion, blackouts and serious, sometimes fatal injuries. About 60 recreational free divers die each year although there has only been one death at a free-diving competition in the last 20 years as organizers work to make the sport safer. Competing free divers must grab a tag at depth to confirm their descent and then prove they're alert within 20 seconds of surfacing for the dive to count. Competitions are conducted using safety measures that include rescue divers in the water.

Molchanov learned his technique from his mother, the former Russian swimmer, Natalia Molchanova, considered the greatest free diver of all time. By the age of 53 she held 42 world records and was on her way to further greatness when she tragically went missing off the coast of Spain while teaching a free-diving lesson. Her death was a blow to Molchanov, but one the sport helped him overcome.

"I felt that free diving is actually the best thing for me to do. It was the best therapy being in the water," he says. "It just helped me to be, like, in peace and helped to just live through that."

Molchanov and his wife Elena, a former Olympic swimmer, are carrying on his mother's legacy. Natalia Molchanova started several free-diving schools before her death that they are expanding, certifying hundreds of instructors in 20 countries.

For Molchanov free diving is not just about the sport, but about the joy and the feeling he gets every time he goes to those depths, telling Alfonsi, "It feels very much like flying actually. Very much like freedom. Just pure joy of flying, staying and feeling no urge to breathe."

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60 Minutes cameras capture world-record dive in the Bahamas - CBS News

NASSAU, BAHAMAS The Bahamas could see 30 percent of its population fully vaccinated by next month, according to National COVID-19 Vaccine Consultative Committee Deputy Chair Ed Fields.

Fields told Eyewitness News another 30,000 people are expected to receive their second dose of Pfizer in the next couple of weeks.

Of course, I dont want to give you any false numbers, but at our last dashboard we were up to around 65,000 [to] 67,000, which includes around 4,000 people who were vaccinated abroad, he said.

We, as you know, did close to 30,000 or just over 30,000 in a couple of weeks with the Pfizer introduction.

That means that we are now in the second-dose phase of Pfizer, which means we [can] add another 30,000 or so to the fully vaccinated crew.

That means were getting closer and closer, and I anticipate within the next week and a half or so, especially with this Family Islands push which is also, by the way, a second-dose administering that we will be on the 100,000 mark in the next week or two.

What that means, and we dont have the denominator thats certain, but if you figure we have a population of around 390,000 to 400,000 you take out children under 12 and leave the eligible vaccinees were climbing up to that 30 percent mark.

I dont want to say what it is, but we are getting up to that 30 percent mark.

As of Sunday, 73,901 people were fully vaccinated.

A total of 184,461 doses had been administered, with 114,333 receiving one dose.

Pfizer is available to anyone over the age of 12, though the vaccine manufacturers clinical trials have indicated a strong immune response in those ages five through 11.

Fields said while he stands to be corrected on the projected numbers, The Bahamas continues to record very good uptake of the vaccine.

With the announcement of course of the US I anticipate, and I dont have the numbers to give you, but I anticipate that we will see more and more numbers climbing, Fields said.

The Biden administration this week announced that all foreign travelers flying to the United States will need to demonstrate proof of vaccination before boarding, as well as proof of a negative COVID-19 test taken within three days of the flight.

The United States yesterday donated around 1,390 doses of Pfizer and 200 doses of Johnson & Johnson, a tranche earmarked for Abaco and its cays.

It was the second tranche of donations from the US, which delivered over 128,000 doses of Pfizer last month.

According to the government, more vaccine doses are expected to be rolled out on Bimini, Exuma, Eleuthera, Long Island and other communities.

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HIGHER UP THE VAX LADDER: Bahamas could reach 30% vaccination rate in two weeks, says Fields - EyeWitness News

It is beneficial to continue the health visa given the high percentage of unvaccinated Americans visiting The BahamasOn campaign trail, Davis said testing requirements can be fulfilled without travel visa

NASSAU, BAHAMAS An international organization suggested The Bahamas keep its travel health visa as a survey recently found the country to be one of the most popular destinations amongst unvaccinated Americans.

This news comes on the heels of the Progressive Liberal Partys (PLP) sweeping election victory last Thursday, making Philip Brave Davis who has proposed to end the travel health visa the fifth prime minister of The Bahamas.

The large-scale survey was conducted by Atlys, the developers of a third-party app that enables travelers to navigate complex travel requirements such as visa applications.

It focused primarily on American adults, 18 years old and older, and included data from Atlys users between May 15, 2021, and September 5, 2021.

Based on the findings, The Bahamas ranked fifth on a list of popular destinations for unvaccinated Americans most of whom were found to reside in nearby Florida.

A pie chart showing the results of a 2021 travel survey conducted by San Francisco-based company Atlys, which facilitates American travelers obtaining travel visas for countries around the world. (ATLYS)

A pie chart showing the results of a 2021 travel survey conducted by San Francisco-based company Atlys, which facilitates American travelers obtaining travel visas for countries around the world. (ATLYS)

According to a spokesperson from Atlys, the surveys findings suggest that it would be in the best interest of the countrys tourism industry to continue the travel health visa program, due to its popularity with unvaccinated American travelers.

One of the newly sworn-in prime ministers campaign promises was that if elected, his administration would end travel health visa requirements for Bahamians and visitors.

Davis previously called the travel health visa, which was rolled out in November 2020, a burdensome, unnecessary tax on Bahamians at a time of widespread economic pain.

The PLP will end it, he vowed at the time.

He also said: Because any testing or insurance requirements related to COVID may be kept in place as needed without the travel visa, there is no purpose for the visa that justifies the additional cost burden.

However, Atlys Founder Mohak Nahta said based on the surveys data, it would be more appropriate for The Bahamas to continue with the program.

It is beneficial to continue the Bahamas health visa program, given the high percentage of unvaccinated Americans visiting The Bahamas, said Nahta in an interview with Eyewitness News.

He suggested that the country streamline the travel health visa application process to save visitors time and money, insisting that travelers can complete their travel health visa forms in a shorter time frame on the Atlys platform.

Controversy

The travel health visa previously came under fire due to speculation surrounding the procurement of a contract, with the then-opposition alleging that electronic online payment retailer Kanoo obtained the health visa contract because of political affiliation.

The Ministry of Tourism has since quashed the rumor, saying the speculation is wholly untrue.

It also put to rest rumors about what was done to funds collected from the program, which amounted to some $9.8 million 82 percent of which derived from visitors, with $2.4 million in surplus after expenses.

In June, former Tourism Minister Dionisio DAguilar also defended the governments use of the travel health visa, saying that it worked very well in helping to keep our COVID numbers low while bringing large amounts of visitors into the country.

There is no word yet as to how the Davis administration intends to move forward on this matter, but Attorney General Ryan Pinder said it will eventually take a close look at the contracts issued related to the COVID pandemic.

Written by Eyewitness News Intern Gabrielle Sterling

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RECONSIDER: Int'l group suggests keeping travel health visa as Bahamas top spot for unvaxxed Americans - EyeWitness News

Cryptocurrency exchange FTX has set up shop in Gibraltar and the Bahamas

FTX has announced it is expanding to Gibraltar and the Bahamas by opening new branches in the regions. The new subsidiaries have each received licences from the respective local regulators.

The subsidiary in Gibraltar, Zubr Exchange, will operate as a supplier of distributed ledger technology and has already got approval from the Gibraltar Financial Services Commission. Zubr previously operated as a digital assets derivatives platform until its acquisition by FTX at the beginning of the year. FTX had already hinted at plans to establish its presence in the region following the deal, whose details came out at the end of last week. Zubr will continue operating in the area as its integration with FTX continues.

FTX Digital Markets, the Bahamas subsidiary, got its green light from the Bahamas Securities Commission and has set up headquarters in Nassau. It will operate as a digital assets entity and is the first ever in the market to be governed by the Digital Asset Registered Exchanges Bill. The digital asset-related legislation is relatively new and only took effect at the end of last year.

On the Bahamas' expansion, FTX chief executive Sam Bankman-Fried noted, "We are dedicated to having a tight working relationship with local authorities so that we can navigate putting in place a robust regulatory framework to assist support the growth of this fledgling asset class."

Ryan Salame, who formerly worked at Alameda Research as the head of over-the-counter trading, has been appointed to serve as its chief executive. FTX did not give more details on what services it will introduce in the market. The subsidiary will pluck its workforce from the local market to fill positions in different departments, including marketing and finance.

Speaking on the expansion, Salame noted, "I'm excited to plant the flag for FTX in the Bahamas. The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act gives me confidence that we'll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions."

FTX has seemingly resorted to acquiring firms and using them to expand its reach while maintaining good relations with regulators. The exchange's US arm announced it had completed an acquisition deal for crypto derivatives exchange LedgerX in August. The arrangement paved the way for the firm's foray into the derivatives market.

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FTX expands to the Bahamas and Gibraltar - CoinJournal

COG suggests code of conduct needed for political parties, candidates and even the mediaClaim of govt broadcast bias troubling

NASSAU, BAHAMAS In its preliminary report on The Bahamas 2021 General Election, the Commonwealth Observer Group (COG) advised that the process was credible, inclusive and transparent and expressed confidence that concerns can be resolved.

In a statement on the findings, Bruce Golding, former prime minister of Jamaica and chair of the Commonwealth Observer Group, said the election is being assessed according to the national, regional, Commonwealth and international values and standards to which The Bahamas has committed itself.

Our overall conclusion is that the voting, closing and counting processes at polling stations were credible, inclusive and transparent, Golding said.

The commitment of all Bahamians to the exercise of their democratic franchise is to be commended, bearing in mind the considerable challenges confronting The Bahamas in the face of a snap election, as well as the aftermath of Hurricane Dorian and the ongoing coronavirus pandemic.

He added:We note that the previous incumbent prime minister conceded defeat on the evening of Election Day itself, before the results process had concluded formally but when the emerging result was already clear.

The graciousness which he displayed, and equally the magnanimity and spirit of inclusivity evident in the speech of the incoming prime minister, are to be lauded.

These are defining features of a healthy democracy.

Golding said the group is of the view that any shortcomings identified can and should be addressed through open, transparent and inclusive dialogue with relevant stakeholders.

Among those concerns Golding raised was the state of the voters registration card, which he described as deficient in many respects.

He insisted that technology is readily available to enable authorities to produce a more secure and durable form of identification.

Code of conduct

The group recommended that the Parliamentary Registration Department (PRD) develop a robust communication strategy and mechanism to inform the public on critical issues.

Golding indicated that while press freedom was observed and generally respected, there was significant concern for the state of the national broadcaster, ZNS, which allegedly did not provide balanced coverage of the activities of the contending political parties and candidates.

This resulted in citizens being deprived of their right to receive balanced information about the election and candidates, he said.

He said the group was advised by the Progressive Liberal Party (PLP) that the government broadcaster refused to accept and air its adverts due to an alleged disputed debt from the last election, even though it offered to pay upfront and clear the debt.

We were not able to determine the veracity of this allegation, but we found it troubling, Golding added.

The group said though the campaign environment was observed to be orderly, and conducted in a generally positive spirit, the PRD should consider developing a code of conduct for political parties and candidates, and media houses should consider doing the same.

The group reiterated the key recommendation of the 2017 Commonwealth Observer Group that The Bahamas consider the establishment of an independent election management body, in order to strengthen adherence to international good practice.

It also urged electoral authorities to prepare a strong and robust voter education program that can be readily deployed in advance of future elections.

The missions final report will be submitted to the Commonwealth secretary general, and will afterward be made available to the government of The Bahamas, political parties, civil society organizations and the public.

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COMMENDABLE: COG lauds Bahamas for defining features of a healthy democracy in snap election - EyeWitness News

Posted on September 24, 2021

The President of the Bolivarian Republic of Venezuela, Nicols Maduro Moros, on behalf of the Venezuelan people and Government has congratulated the people of the Commonwealth of The Bahamas for the successful election day held on September 16, 2021, which resulted in the victory of the Liberal Progressive Party (PLP) and its leader, Philip Brave Davis.

A statement issued through the Venezuela Embassy in St Vincent and the Grenadines states that Venezuela welcomes the democratic commitment and the civic behaviour of the Bahamian people throughout the electoral process, in the midst of the conjuncture generated by the COVID-19 pandemic, guaranteeing participation and compliance with health and security protocols.

The Bolivarian Republic of Venezuela reaffirms its will and commitment to work to develop fruitful bilateral relations with the new government of the Commonwealth of The Bahamas,through co-operation, brotherhood, solidarity and mutual respect, in order to consolidate the urgent process of unity in Latin America and the Caribbean, the statement issued out of Caracas dated September 17, 2021states.General elections were held in The Bahamas on September 16,2021.

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Venezuela congratulates The Bahamas on successful election day - Searchlight Newspaper

Exuma is poised to be the next real growth opportunity for real estate and business development in the Bahamas.

Exuma, an island south-centrally located in the Bahamas chain is known for its crystal blue waters, friendly people and its position near the tropic of cancer.

As an increasingly popular vacation spot, the island is well on its way to becoming another Turks and Caicos. Heres how, according to real estate and property manager Dean Spychalla:

The Bahamian prime minister, Hubert Minnis, recently held a ceremony in Exuma for the signing of a contract to redevelop the Exuma airport.

What does this mean for Exuma? It means the development of a tier-one airport where people from different parts of the world including Europe, Canada, Eastern United States, and South America. It will have a landing system and lasting components of a modern airport, with a new runway and taxiway.

Years ago when Turks and Caicos built their airport, the development of the islands skyrocketedand it seems Exuma will do the same. This airport may trigger an increase of tourism which will turn profit for real estate and overall sales for the island.

A trip to a tropical island wouldnt be complete without a paradisiacal place to stay. You can find this with Grand Isle Resort, an award-winning resort and gated community that consists of 78 luxury homes, costing $110 million dollars.

Grand Isle Resort is home to units that are owned by individuals, and collectively rented in a rental pool. These individuals are able to use their units 3 months out of every year.

The benefits? Endless. Owning a home on Grand Isle Resort brings tax, citizenship and financial benefits. Its a worthwhile asset that rewards buyers an incredible island lifestyle.

Capitalizing on emerging markets is a sure way to boost tourism and real estate opportunities. One of those markets is bonefishing, a popular outdoor activity among travelers.

Currently, there arent too many businesses that offer this recreational activity in Exuma, but that wont be the reality for long. Spyhcalla wants to revive this sport as part of Exumas tourism attractions.

Dean Spychalla is a well-known and decorated manager and real estate agent. He is the general manager and official estate agent for the Grand Isle Resort, with a #1 Google rating for hotels in the Caribbean.

He works with Better Homes and Garden MCR Bahamas to list units at Grand Isle Resort and elsewhere.

Spychalla currently holds the Bahamas Hotelier of the year award. Hes been recognized as the #1 in resort sales and marketing in the Caribbean in 2019. He served as president of the Bahamas Out Islands Promotion Board (BOIPB) for 5 years and is currently the vice president of the Bahamas Hotel and Tourism Association (BHTA).

Spychalla continues to set the bar high as a manager and real estate agent in Exuma. With plans to bring in more tourism to Exuma, hes on the path to being a top-rated agent in Exuma for years to come.

If youre looking for properties in Exuma, contact Dean Spychalla.

Track Latest News Live on CEOWORLD magazine and get news updates from the United States and around the world. The views expressed are those of the author and are not necessarily those of the CEOWORLD magazine. Follow CEOWORLD magazine on Twitter andFacebook. For media queries, please contact: info@ceoworld.biz

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CEO Spotlight: Why Exuma Will See a Surge in Tourism and Real Estate in the Coming Years - CEOWORLD magazine