Category Archives: Bahamas

NASSAU, BAHAMAS Prime Minister Philip Davis said yesterday that his administration is committed to facilitating the Fintech revolution as an essential part of its diversification efforts.

Davis was delivering remarks at the official launch ceremony of FTX Digital Markets the worlds third-largest crypto exchange.

He said the companys decision to move its base from Hong Kong to The Bahamas will hopefully be the beginning of a trend.

We hope that more companies in the cryptocurrency and blockchain markets will see The Bahamas as an ideal destination for their operations. I believe the relocation of the worlds third-largest cryptocurrency exchange to our shores sends a clear signal to the rest of the Finch world that The Bahamas is open for business, said Davis.

The prime minister noted that this nation via the Digital Asset Registered Exchanges (DARE) Act has one of the strongest digital assets legislation frameworks in the world. Davis said was a testament to the visionary leadership and expertise within the country. Davis lauded the Securities Commission of The Bahamas (SCB) and its executive director Christina Rolle for bringing the pushing legislation forward.

As a part of my governments forward-looking agenda, we recognize that digital transformation is key to unlocking the potential of our economy and expanding access for all people, Davis said.

Blockchain has a huge role to play in the transformation. The benefits of this technology have the potential to drive advancements in financial services, health care, the arts, and culture to create new opportunities for local professionals and improve the quality of life for many Bahamians.

FTX Digital Markets founder Sam Bankman-Fried has stated that the DARE legislation attracted the digital assets exchange provider to The Bahamas.

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PM says his administration committed to facilitating Fintech revolution - EyeWitness News

NASSAU, BAHAMAS Prime Minister Philip Davis said yesterday that Atlantis mandate that all unvaccinated employees must pay for their own weekly rapid antigen test will likely fall away once government fulfills its free COVID-19 testing pledge.

While addressing several issues with media following the opening of Parliament and Speech from the Throne, Davis admitted the free testing initiative will take some time to implement.

In respect to the issue with the Atlantis workers, I could confirm that I have had a meeting with the president of Brookfield, the person charged with the responsibility for Atlantis, Davis said.

She explained to me when I raised the issue of vaccination being paid for by employees that his was a compromise she arrived at with her corporate office. She advised that all employees of Brookfield, all their properties wherever they worked were required to be vaccinated.

He continued: Vaccination is mandatory for anyone who wishes to continue their employment with Brookfield. She appreciates the concern that we have about mandatory vaccination and she reached a compromise with her corporate office that at least if they were to ask persons who wanted to continue to work with Atlantis that they pay for their testing that might encourage them to get vaccinated.

When we left the meeting they were going to revisit the issue of whether they continued to pay. We did indicate to her our desire to put in place free testing which we are still working on the logistics as to how we can get it done, so that may fall away with respect to the cost to the employee.

Davis noted that the government is looking at how to effectively implement its free testing pledge.

Atlantis has maintained its position that unvaccinated employees must pay for their weekly rapid antigen tests despite a recent announcement from Labour and Immigration Minister Keith Bell that the resort had agreed to hold off on the policy.

The move has been met with harsh criticism from The Bahamas Hotel Catering and Allied Workers Union (BHCAWU) whose president Darrin Woods recently told Eyewitness News that the action was unlawful.

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PM: Pay for COVID test policy likely to fall away with fulfilment of free testing pledge - EyeWitness News

NASSAU, BAHAMAS While Water and Sewerage Corporation (WSC) Chairman Adrian Gibson has not formally resigned his chairmanship, Minister of Works and Utilities Alfred Sears said the Long Island MP confirmed he will step aside and has not visited the corporation since the change in government last month.

Sears is performing a review of all existing contracts related to the corporation and Bahamas Power and Light, including BPLs agreement with Shell North America, which Sears called an agreement of priority.

In an interview following the opening of Parliament, Sears said he has approached his ministry with no pre-conceived notions and will make determinations on each contract on the basis of its merit and benefit for the Bahamian people.

Sears said he has had a discussion with the general manager.

With respect to the Water and Sewerage matter, I called Mr. Gibson myself and he indicated to me that he is not been in the office since the election and he has no intention, and he has been very cooperative

He has committed to providing turnover notes for me.

I spoke to him today and he has indicated that commitment with be forthcoming.

Asked whether he will review the contracts under Gibson, Sears said: The thing is, I would not want to pre-judge anything.

Right now, I am asking for turnover notes.

The thing is, we have to review what has happened in all of the corporations and I would not simply single that one out.

I know there are issues in the public domain, but when I assume a position, I have to come in with an open mind and not come with a pre-conceived [notion].

My job is to get proper turnover notes so I know what is the state of play in the corporation and not come with anything pre-conceived notion.

Once we have everything its going to be reviewed, so we know how to best serve the interest of the Bahamian people.

When asked if Gibson has resigned or been removed, Sears said while Gibson has not submitted a formal tender of his resignation, he has committed to not returning to the corporation and has no intention of doing so.

He has indicated an intention and that intention would have an effect because it has been expressed to me, Sears said, noting that with the procurements of contracts and proposed legislation to amend the existing act, the government will continue to follow the law until such changes are made.

In the lead-up to the general election, Gibson was accused of awarding contracts to individuals close to him, an assertion he dismissed as a well-organized mafia campaign again him amid the silly season of the general election.

Water and Sewerage Management Union (WSMU) President Montgomery Miller has called for executives for executives at the corporation to engage with the union and address ongoing concerns of workers or do the right thing and resign.

Miller, who consistently criticized the management of the corporation, said under the leadership of Gibson and General Manager Elwood Donaldson, the organization has been run poorly.

As it relates to the power company, Sears said the quarter of a million rate reduction bond that the board of directors sought urgent approval for is also being reviewed.

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UNDER REVIEW: Gibson not formally resigned, but indicated he will not return to WSC - EyeWitness News

Officially known as the Commonwealth of The Bahamas, the Bahamas is an archipelagic country that occupies a major portion of the large Lucayan Archipelago on the northwestern edge of the West Indies. The Bahamas is situated to the north of the Republic of Cuba; northwest of Hispaniola Island and the British Overseas Territory of the Turks and Caicos Islands; east of the Florida Keys and to the southeast of the US State of Florida. Covering a total area of 13,878 sq. km, the Bahamas is composed of more than 700 islets, islands, and 2,400 cays in the Atlantic Ocean.

Out of the 700 islands and 2,400 cays in the Bahamas, only 30 are inhabited. Some of the principal inhabited islands of the Bahamas include Andros, Great Abaco, Acklins, New Providence, Great Inagua, Mayaguana, Berry Islands, Crooked Island, Ragged Island, Bimini Islands, Long Island, San Salvador Island, Grand Bahama, Cat Island, Eleuthera, etc. All these islands are low and flat and have mostly been formed by the disintegration of coral reefs. Located on Cat Island, Mount Alvernia which rises to an elevation of 63m is the highest point in the Bahamas.

Of all the 700 islands in the Bahamas, Andros Island occupying an area of 5,957 sq. km is the largest of the Bahamian Islands. Andros Island is an archipelago and its total area includes three major islands (North Andros, South Andros, Mangrove Cay) along with numerous small islets and cays that are linked by tidal swamps and mangrove estuaries. Politically, Andros is considered to be a single island and has a bigger land area than all the Bahamian Islands combined. Andros Island has a length of about 167km and a maximum width of 64km. North Andros Island is the countrys largest district in terms of area and houses a population of 3,898 people. The Andros Island has the only freshwater river in the country and is also home to the Andros Barrier Reef which is the worlds sixth-longest coral reef.

Inagua forms the southernmost Bahamas district and is made up of the islands of Great Inagua and Little Inagua. With an area of 1,544 sq. km, the Great Inagua Island is the second-largest island in the Bahamas. The island contains many lakes, and a large avian sanctuary that supports about 80,000 West Indian flamingoes. Matthew Town serves as the islands capital and only harbor. With an area of 1,400 sq. km, Grand Bahama is the northernmost and the third largest island in the Bahamas. Located about 80km east of Miami, Florida, Bimini is the westernmost island of the Bahamas that is situated closest to the US mainland.

With an area of only 23 sq. km, the Ragged Island is ranked among the smallest inhabited Bahamas islands. The island forms a part of the Jumentos Cays and the Ragged Island Chain and has a population of only 72 people. The 180km long crescent-shaped Ragged Island Chain includes the Double-Breasted Cay, Racoon Cay, and the Hog Cay. Located within a shallow-water bay, Duncan Town is the only settlement in the Ragged Island chain.

The New Providence Island that occupies an area of 207 sq. km, is the most populous in the Bahamas. As per the 2016 census, the island is home to about 274,400 residents and supports more than 70% of the countrys total population. Situated on New Providence Island is Nassau the capital and the largest city of The Bahamas. Nassau is a primate city and serves as a busy seaport as well as the administrative, economic, educational, media, and commercial center of the country. The citys spectacular scenery, natural environment, pleasant tropical climate, and proximity to the United States have made it a popular tourist destination attracting a lot of tourists from all over the world.

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How Many Islands Are In The Bahamas? - World Atlas

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

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

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

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