How To Buy Bitcoin in the Bahamas?

Bitcoin and cryptocurrencies are gaining popularity globally, including in the island nation of The Bahamas. The Bahamas has developed a relatively friendly regulatory framework for digital assets. In recent years, the country has emerged as a cryptocurrency hub, establishing clear rules around exchanges and trading. This article provides an overview of cryptocurrency regulations in The Bahamas and outlines some of the top options available for locals and visitors who want to buy Bitcoin and other digital currencies.

We’ll explain the country’s stance and then list several local exchanges and wallets that make cryptocurrency purchasing straightforward for Bahamians.

Crypto Regulations in Bahamas

Following the collapse of the FTX exchange, headquartered in the Bahamas, the country has introduced more stringent cryptocurrency regulations. These regulations are encapsulated in the Digital Assets and Registered Exchanges (DARE) Bill, which encompasses several key measures:

  • Enhanced disclosure requirements for cryptocurrency staking activities.
  • More rigorous criteria for the issuance of stablecoins.
  • A new, comprehensive regulatory framework for stablecoins pegged to the dollar or other stable assets, prompted by the fall of Terra’s terraUSD stablecoin.
  • Regulation extending to various crypto services, including advisory services, derivatives, and staking.
  • Inclusion of oversight for non-fungible tokens (NFTs).

The DARE Bill is designed to bolster protection mechanisms in the digital asset sector, introducing new disclosure and reporting requirements, specific registration obligations, and increased ongoing supervision for digital asset operators. The Securities Commission of the Bahamas (SCB) is currently consulting on these proposed new rules.

Previously, the Bahamas had enacted the Digital Assets and Registered Exchanges Act, under which Sam Bankman-Fried’s FTX exchange operated. The new bill is anticipated to be one of the most sophisticated pieces of digital asset legislation globally.

Easiest and cheapest ways to buy crypto in the Bahamas

No matter where they live, people always seek the easiest and cheapest way to buy bitcoin. Buying crypto in the Bahamas is a bit harder than in some other countries so we have compiled a list of exchanges where Bahamian citizens can buy bitcoin.

Trusted & high liquidity
Bitstamp

Bitstamp

👛 Ease of Use – Easy
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP

Initiated in 2011, Bitstamp has emerged as a trustworthy name in the world of cryptocurrency exchanges. It’s renowned for being the crypto exchange with the longest history, marked by its cost-effective rates, consistent service, and uncomplicated design. Bitstamp’s reach extends to over 100 countries, though some regions might experience limited features.
More info +
Established & high liquidity
Localbitcoins

LocalBitcoins

👛 Ease of Use – Easy
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, and more

LocalBitcoins is one of the oldest P2P online marketplaces where you can buy and sell Bitcoin. It is considered the largest peer-to-peer crypto platform. LocalBitcoins is based in Helsinki, Finland.
More info +
Established & high liquidity
paxful

Paxful

👛 Ease of Use – Easy
👛 Fees – Average
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, CAD, AUD + more

Founded back in 2015, with its headquarters in New York, United States, a cryptocurrency exchange platform Paxful offers its services to nearly 5 million users around the globe.
More info +

Best Bitcoin Wallets in the Bahamas

It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body, etc). That is why you should use one of the wallets we list below to store your digital assets.

But, which bitcoin wallet is available in this country?

The safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.

Bottom Line
Pros
Cons
ZenGo
ZenGo
Mobile
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Bottom Line
ZenGo is an easy iOS/Android Bitcoin & cryptocurrency wallet. Getting started takes less than 20 seconds.
Pros
extremely safe as it uses biometrics for security
you can buy crypto directly from it
has savings and staking account
Cons
No major flaws
Exodus
Exodus
Desktop
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Bottom Line
Electrum is one of the oldest and most popular desktop multi-currency wallets which is compatible with Windows, Mac, and Linux
Pros
One of the oldest wallets in the market
you can buy and stake directly from the wallet
supports all major coins and blockchains
Cons
Not completely open source
Ledger Nano X
Ledger Nano X
Hardware
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Bottom Line
Ledger Nano X is a leading and most secure cold storage wallet that connects to your device via Bluetooth.
Pros
Safest wallet in the market
competitive price
supports a lot of coins
you can buy directly from the wallet
stake directly from the wallet
Cons
Small display
complicated to setup for newbies

Read also:

Regulated & high liquidity
How To Buy Bitcoin in the Bahamas?

Crypto.com

👛 Ease of Use – Easy
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, CAD, and 10+ more

Crypto.com, headquartered in Singapore, is a digital currency exchange platform. They provide a range of services such as a mobile application, trading platform, digital wallet, and an NFT marketplace. With support for over 250 cryptocurrencies, the platform enables users to transact and trade a diverse array of digital currencies.
More info +
Trusted & high liquidity
How To Buy Bitcoin in the Bahamas?

Huobi

👛 Ease of Use – Medium
👛 Fees – Average
👛 Verification – 1-2 days
👛 Reputation – Trusted
👛 Supported fiat – EUR, IDR, MYR, NGN, ZAR, ZMW, USD

Huobi is one of the largest crypto exchanges in the world.
More info +
Regulated & high liquidity
coinbase

Coinbase

👛 Ease of Use – Easy
👛 Fees – Average
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – EUR, USD, and 50+ more

Coinbase is widely considered one of the biggest cryptocurrency exchanges, especially in the US. It has over 60 million users which is a remarkable number.
More info +
Regulated & Long Established
How To Buy Bitcoin in the Bahamas?

Cex.io

👛 Ease of Use – Easy
👛 Fees – High
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, RUB

Founded in 2013 in London, UK, and with over 4 million users, Cex.io is among the oldest cryptocurrency exchange platforms on the market. On Cex.io, you can buy, sell, trade, and store over 100 cryptocurrencies.
More info +

Frequently asked questions about buying Bitcoin in the Bahamas

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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