Jersey Government plans to pass digital currency legislation next year

Regulation | November 11, 2015 By:

The Chief Minister’s Department of Jersey released its plans to pass legislation next year that will establish rules for digital currency businesses on the island.

The department released a policy document that outlines how its approach to digital currency regulation will focus on exchanges, ATMs and other services that connect digital currencies with traditional ones.

“In considering regulatory options, the importance of balancing the protection of the Island from money laundering and terrorist financing risk against stifling innovation and growth in this emerging sector were at the forefront of consideration,” the document states.

The policy statement comes months after Jersey’s government kicked off a public comment period regarding its plans. According to the government’s release, it received feedback from 30 respondents and held what it called “an open seminar” that drew 70 participants. The comment period ran between July and August.