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Bahamas tech firm gets SCB go-ahead

PO8, a Bahamian tech company tokenizing archaeological assets by issuing Non-Fungible Tokens (NFT) representing their value, recently received a No Action Letter from The Securities Commission of The Bahamas ahead of the company's Non-Fungible Token offering. The first letter of its kind for NFT offerings, it paves the way for PO8 to move forward with its planned offering in a compliant manner. 

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Date:
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PO8
Thursday, May 23, 2019
Thursday, May 23, 2019

NASSAU, Bahamas, May 2019 /PRNewswire/ — PO8, a Bahamian tech company tokenizing archaeological assets by issuing Non-Fungible Tokens (NFT) representing their value, recently received a No Action Letter from The Securities Commission of The Bahamas ahead of the company’s Non-Fungible Token offering.

The first letter of its kind for NFT offerings, it paves the way for PO8 to move forward with their planned offering in a compliant manner.


Recently reported on Coindesk, Christina Rolle, Executive Director of The Securities Commission of The Bahamas said, “The Commission has reviewed the proposal with respect to usage on non-fungible tokens attached to sea exploration in The Bahamas and wishes to advise the proposed Non-Fungible Token Offering is currently not subject to securities laws in The Bahamas nor any other law administered by the Commission.”

PO8 continues to focus its efforts on the recovery of lost underwater artifacts and creating a highly accessible NFT marketplace that will democratize access to artifact-based investments, allowing millions of users around the world to invest and participate in the conservation of artifacts of historical and cultural significance.

By using blockchain technology and NFTs, PO8 will be monetizing and reshaping the ownership of the sunken artifacts by converting ownership rights with economic value into smart contract tokens, while keeping the physical artifact in the custody of the PO8 Museum Foundation to be preserved, studied and exhibited worldwide.

“PO8 is deeply committed to working side by side with the Commission, ensuring we move forward in a complaint way,” said Matthew Arnett, Co-founder and CEO of PO8. “This decision makes way for new use cases for tokenization of other asset classes like real estate and financial instruments, so we invite companies to join us in innovating in The Bahamas for the world.”

PO8’s NFT offering will feature its Non-Fungible Investment Vehicle (NFIV) product. NFIVs are securitized NFTs with a store of value from artifacts, providing financial benefits by generating possible earnings, hedges against inflation and currency devaluations. They are capable of generating earnings and distributing dividends to its owners.

Prime Minister Dr Hubert Minnis outlined areas of transformation, including land reform, renewable energy and modernization of public services, in his third National Address for 2019, delivered May 20.

A high-level delegation from the Overseas Private Investment Corporation, which is the US government’s development finance institution, has concluded a trip to the Caribbean region to discuss opportunities for US investment in infrastructure, energy, water, and women’s economic empowerment.

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