Cryptoasset study by the Cambridge Centre for Alternative Finance at Cambridge Judge is cited by the Government of The Bahamas in new legislation.
The Government of The Bahamas cited research on the rapid growth of cryptoassets by the Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School in introducing new legislation to establish a regulatory framework for digital financial assets.
The Digital Assets and Registered Exchanges Bill, 2020 (DARE Bill), introduced by Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest, cited the 3rd Global Cryptoasset Benchmarking Studyissued by the CCAF in September 2020 – illustrating the impact of Cambridge Judge Business School research on policymaking around the world.
The legislation is designed to “provide the legal framework for a vital, new, well regulated industry in The Bahamas,” the Government of The Bahamas said in an announcement on 4 November. The measure is further designed to “create financial technology, or fintech opportunities for entrepreneurs and subsequent fintech based employment opportunities for Bahamians, and provide investors new access to a well-regulated non-traditional asset class from operators in The Bahamas or via Bahamas-based service providers.”
The DARE Bill was prepared by the Securities Commission of The Bahamas, which regulates investment funds, capital markets and non-bank financial and corporate service providers.
The announcement by the Government of The Bahamas said: “DPM Turnquest said data indicates that the number of crypto assets users and accounts are also increasing. There were a total of 101 million unique users of crypto assets the third quarter of 2020, according to the 3rd Global Cryptoasset Benchmarking Study, produced by the Cambridge Centre for Alternative Finance, University of Cambridge Judge Business School.
“This represented a tremendous growth spurt of 189 per cent from the second edition of the Study which had been published two years earlier, and reported at the time that there were about 35 million cryptoasset users globally.
“DPM Turnquest stated that according to the same study, the number of accounts at cryptoasset’s service providers increased from 139 million in its 2018 study, to 191 million in the 2020 study, representing a 37 per cent increase over the two-year period.”
The Director and Co-founder of the Cambridge Centre for Alternative Finance Dr Robert Wardrop said the legislation introduced in The Bahamas underlined the practical application and impact of the Centre’s research.
“Since its founding five years ago, the Cambridge Centre for Alternative Finance (CCAF) has produced more than 40 publications on global topics that include cryptocurrency, fintech regulation, Blockchain and other policy-impacting areas of interest to governments, organisations and citizens around the world.
“As stated on the CCAF website, the Centre ‘aims to have high impact not only on academic thought leadership, but also on policy decision-making and business practice globally’. Reference to the Centre’s 3rd Global Cryptoasset Benchmarking Study by the Government of The Bahamas in introducing its new legislation is a welcome affirmation of this global impact.”