British Crown dependency the Bailiwick of Jersey has introduced a new policy framework that regulates cryptocurrencies, according to a press release sent to CoinReport.
The new regulation came into effect on Monday, September 26.
With the introduction of this regulation, Jersey, the largest of the Channel islands, gets more control over the way businesses as well as individuals exchange digital and physical currencies, extenuating the potential risk of financial crimes such as terrorist financing and money laundering.
According to the press release, this also forms a business environment that has the right regulation in place to support fintech startups that want to establish themselves in Jersey.
The regulation was developed in collaboration with government and industry bodies; Digital Jersey, the States of Jersey, the Jersey Financial Services Commission and Jersey Finance in support of the island’s Digital Policy Framework.
Digital Jersey CEO Tony Moretta said on the occasion, “As we continue to make steps towards realising Jersey’s fintech potential, it’s essential for us to introduce the right regulatory regime to encourage confidence in our jurisdiction. The introduction of this regulation proves that our strengths lie not only in our excellent financial services, but also our digital sector and Government. This vital relationship is why we are able to ensure we are ahead of the curve when it comes to forward thinking regulation for fintech businesses. I hope that our robust framework will encourage more digital start-ups to consider Jersey in the future.”
Senator Philip Ozouf, the assistant chief minister, said, “I am delighted that we are now at the stage of implementing this policy and by doing so we are putting Jersey on the map as one of the first jurisdictions to establish a progressive regulatory regime for virtual currency. We have worked hard with industry and the regulator to create the right environment for Jersey businesses to thrive in the virtual currency space. I look forward to seeing these opportunities being developed and to Jersey expanding its reputation for high standards of regulation into a new area of expertise.”
Jersey flag – Public domain image
Moretta’s photo – Courtesy of Digital Jersey via marketing and communications company Marcom