Jersey to Create Bitcoin Regulations in Line with Public Opinion
The Government of Jersey has asked public to provide its opinion on whether it should regulate decentralized virtual currencies such as Bitcoin or not. In its just-released consultation paper, prepared under the watch of Jersey Financial Services Commission (the "JFSC"), the Joint Financial Crimes Unit of the States of Jersey Police, the Law Officers' Department, Jersey Finance Limited ("JFL") and Digital Jersey ("DJ"), the self-governing democracy has outlined its own opinions on Bitcoin, explaining how it sees it as a great "economy-boosting" technology to adapt. However, it has also....
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The island of Jersey is a pleasant, tranquil place known for its rocky beaches, soothing waves, and oh yeah… It’s loose tax regulations and growing Fintech arena. Over the past two years, arrays of financial and tech-related companies have looked to Jersey as a potential home thanks to its limited regulations regarding bitcoin and digital currencies, but all that is about to change. Presently, there are nearly two dozen established companies and businesses on the island of Jersey that accept bitcoin as a method of payment. Since October of last year, Jersey has expressed its desires to....
The Government of Jersey has opened a consultation period to seek public opinion on whether it should regulate virtual currencies such as bitcoin. In its consultation paper, the British Crown dependency notes the risks associated with digital currencies and the various regulation options available. Notably, the document also highlights the possibility of adopting distributed ledger technology - which, the authority says, is the key innovation of digital currencies. Senator Philip Ozouf, the island's assistant chief minister, said in a statement: "Virtual currency systems represent a new....
On July 19, the CEO of the crypto financial services firm Blockfi, Zac Prince, told the public that the New Jersey Bureau of Securities has told the company to “stop accepting new BIA clients residing in New Jersey beginning July 22, 2021.” New Jersey’s acting attorney general Andrew Bruck also tweeted about the issue and said “we’ve been closely monitoring activity involving cryptocurrencies for compliance.” New Jersey’s Bureau of Securities Cracks Down on Crypto On Monday, an unpublished draft of a cease and desist order was discovered by the....
A new bill by proposed by two New Jersey assemblymen could mean tax and regulatory breaks for digital currency companies operating in the state. According to The Star-Ledger, the bill would lessen burdens for cryptocurrency companies in an attempt to incentivize job creation in the state. Proposed by Assemblyman Rai Mukherji (D-Hudson) and Assemblyman Gordon Johnson (D-Bergen), the 30-page bill would create a regulatory framework for digital currency companies to operate within as well. The bill comes two months after New Jersey's Assembly Financial Institutions and Insurance committee....
In New Jersey, two legislators have brought a bill to the state legislature (A4478) that will create a regulatory framework for Bitcoin-related companies. Both the legislators and some in the Bitcoin community have touted the bill as a positive step towards bringing the cryptocurrency to the mainstream. A4478, alternatively titled the “Digital Currency Jobs Creation Act,” was introduced with the purpose of helping to create jobs within the state. The bill aims to achieve this goal by giving tax breaks to Bitcoin related companies located within New Jersey who reach a certain job creation....