Regulation of Virtual Currency Consultation Seminar
States of Jersey (Government of Jersey)
On 9 July 2015 the Government of Jersey published a Consultation Paper concerning Regulation of Virtual Currency. The virtual currency consultation process is open from 9 July to 7 August 2015, with an open seminar to be held at the Town Hall on 3 August 12.00pm – 2.00pm.
The creation of a business-friendly framework that encourages innovation, jobs and growth in both the financial services and digital sector is a priority for the Government of Jersey. Virtual Currency systems can be significant building blocks of a modern digital economy. The introduction of an appropriate and proportionate regulatory regime in this area is intended to encourage confidence and innovation in the sector.
The Consultation Paper highlights the most prominent money laundering and terrorist financing risks that the Government of Jersey believe are associated with virtual currencies in their current form. It goes on to present a number of options for regulating virtual currency activity. In forming these options, the Consultation Paper has regard to the approach of a number of other jurisdictions and papers and policy documents produced by leading organisations. It also considers whether there is a case for adopting a standard for distributed ledger technology and the possibility of pan-Channel Island work in this area. The Consultation Seminar will act as a forum to explore some of the topics raised in the paper in more detail and will serve as an open forum for feedback to the questions asked in the Consultation Paper.
The Consultation Seminar will be attended by representatives from the Government of Jersey, the Jersey FInancial Services Commission, The Joint Financial Crime Unit of the States of Jersey Police, the Law Officers' Department, Digital Jersey and Jersey Finance Limited. The Event is free to attend with a ticket obtained from Eventbrite.
A copy of the Consultation Paper can be found at www.gov.je/consult.