We welcome the opening of the consultation process following the release today of the Government of Jersey’s consultation paper on the risks and regulation possibilities for virtual currencies.
Virtual currencies are right at the intersection of the financial and digital sectors and is an area of significant development and investment within the overall Fintech space. As a leading global finance centre, it is important for Jersey to take a thorough and considered look at both the opportunities and the challenges that virtual currencies offer. This consultation will help inform a collaborative approach between government, the finance and digital sectors and regulators that will establish the right way forward for Jersey in this area.
More broadly, global Fintech activity continues to accelerate. Levels of innovation and investment are at an all time high – in the last 12 months alone more than $14 billion was invested in this space. Given the importance of financial services to Jersey, Fintech development has important implications for the island, including the growth of the digital sector. Jersey’s strengths and reputation as an international finance centre, combined with high regulatory standards and growing capabilities in the digital world, make it ideally positioned to play a leading role in this exciting new area.
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.
We encourage all those interested in the future of virtual currencies and associated technology in Jersey to participate.