Jersey’s first major Fintech conference attendees are to hear news of a ground breaking announcement regarding regulation of virtual currency in Jersey.
On Wednesday 21st October, there will be an outline of the policy position from the Assistant Chief Minister with special responsibility for Financial services and the digital sector, Senator Philip Ozouf at 9am; and at 4.30pm, 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 live streamed via the @digitaljersey Twitter account.
This policy is the result of a significant amount of work having been formed over the last 12 months in a working group consisting of a number of Government agencies and industry bodies.
When the Government of Jersey consulted on Regulation of Virtual Currency in July 2015, it was stated that the creation of a business-friendly framework that encourages innovation, jobs and growth in both the financial services and digital sector was a priority. 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.
As more and more jurisdictions confirm the position they will take on regulation of virtual currency, the Government of Jersey are optimistic that the policy they are looking to adopt will position Jersey as a location where existing virtual currency business can innovate and grow whilst also making the Island a chosen location for virtual currency business and therefore attracting new business to our shores. It is anticipated that this policy will further enhance Jersey's proposition as an Island with the ability to become a world leading Fintech jurisdiction.
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