Jersey Government Plans to Regulate Digital Currency in 2016
Jersey is an island off of the coast of Normandy with a self-governing government but still autonomously attached to the United Kingdom. Much like the Isle of Man, Jersey has been seen as one of the safe havens for digital currencies. It has led a lot of people working on financial and technological innovation to settle their business there. The island is interested in securing its future in the emerging world of digital currency and how it could benefit their community. By taking this in mind, the Island government is pushing forward with plans to regulate and establish legislation for....
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The government of Jersey is pushing ahead with its previously announced plans to regulate digital currency exchange activity. Authorities in the British Crown dependency announced a plan to introduce legislation just under a year ago. At the time, government representatives expressed a desire to avoid a full-on licensure scheme similar to the BitLicense pursued by New York, but with a registration system for certain service providers. According to a government order published on 23rd September by the State Assembly, Jersey's legislature, anyone operating as a digital currency exchanger is....
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....
The government of Jersey, an autonomous island and a dependent of the British Crown, is set to introduce new regulation for digital currency exchanges. Legislators of the State of Jersey, a British Crown dependency are amending laws to regulate digital currency exchanges in the island that is seen as a tax haven and an attractive destination for Fintech services and companies. Fundamentally, the new law will see bitcoin- and cryptocurrency exchanges feel more stringent regulations when they grow bigger. The new legislation, titled “Proceeds of Crime (Supervisory Bodies) (Virtual Currency....
Although you may never have heard of it, a small country of just 100,000 people sits between England and France called Jersey. The island is just 45 square miles and attracts many startups and successful companies to its shores. Leading the way for Fintech in Europe, Jersey has begun to take on its own challenge of Bitcoin regulation. The Government of....