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Jersey Regulates Virtual Currencies Transactions

by Jason Gorringe, Lowtax.net, London
25 October, 2016

Jersey has extended its anti-money laundering and countering the financing of terrorism laws to cover virtual currencies such as Bitcoin.

The new law strengthens the island's efforts to combat financial crime and provides greater clarity on the obligations of virtual currency exchange businesses.

Exchange businesses typically provide services allowing users to convert virtual currencies, such as Bitcoin, into fiat currencies or vice versa.

Jersey is one of the first jurisdictions in the world to pass such legislation, which has been developed in partnership with Jersey's legislature and its financial services regulator, the Jersey Financial Services Commission, as part of Jersey's "Digital Policy Framework". The new law allows local businesses to develop and test innovative products, services, business models, and delivery mechanisms.

Assistant Chief Minister Philip Ozouf said: "I am delighted that we are now at the stage of implementing this policy and by doing so we are putting Jersey on the map as one of the first jurisdictions to establish a progressive regulatory regime for virtual currency."

"We have worked hard with industry and the regulator to create the right environment for Jersey businesses to thrive in the virtual currency space. I look forward to seeing these opportunities being developed and to Jersey expanding its reputation for high standards of regulation into a new area of expertise."

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