Jersey is to introduce regulation of virtual currency. The island is already home to the first regulated Bitcoin fund and the new regulatory proposal is intended to encourage confidence and innovation in the sector.
The announcement was made this morning (Wednesday) at Jersey’s first major Fintech conference, FinTechJersey, in St Helier.
The island’s Assistant Chief Minister with special responsibility for Financial services and the digital sector, Senator Philip Ozouf addressed the conference at 9am (BST), while later today at 4.30pm (BST), Vladimir Jizdny from the Jersey Financial Services Commission will give a presentation on crypto-currency regulation along with George Pearmain from the Chief Minister’s Department who will outline the proposed policy position in more detail. Both of these talks will be streamed live via the @digitaljersey Twitter account.
Speaking at the conference Senator Ozouf said: “Virtual currency systems can be significant building blocks of a modern digital economy and the introduction of an appropriate and proportionate regulatory regime in this area is intended to encourage confidence and innovation in the sector.
“And the exciting thing about combining new technology and a free market is that the evolution of this area is uncertain and no-one can predict exactly how these new forms of financial technology will develop.
“What governments can do, however, is create the best environment in which this financial innovation can flourish. The release of this policy today, is a stepping stone along that path for Jersey.”
