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Jersey's Cryptocurrency Consultation Enters Final Week

by Jason Gorringe, Lowtax.net, London
03 August, 2015

An ongoing consultation on the regulation of cryptocurrencies in Jersey is due to conclude on July 8.

Jersey is considering a regulatory framework to promote the use of new financial technology to unlock extra opportunities for the island's financial services industry. The Government said "virtual currency systems are significant building blocks of a modern digital economy and the introduction of an appropriate and proportionate regulatory regime will encourage confidence and innovation in the sector."

Among other things, the consultation considers the money laundering and terrorist financing risks associated with virtual currencies, the available options for regulation, the approaches adopted by other jurisdictions, and the views of leading organizations. The consultation is to end on July 8, 2015.

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