Post by sapuco on Nov 9, 2016 1:34:08 GMT 4
Jersey's world class anti-money laundering and terrorist financing laws have been extended to cover virtual currencies such as Bitcoin.
The new regulations strengthen the Island’s efforts to combat financial crime and provide greater clarity on the obligations of virtual currency exchange businesses.
Exchange businesses typically provide services which allow 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 the States of Jersey, Digital Jersey, and the JFSC as part of Jersey’s Digital Policy Framework. The regulation allows local businesses to develop and test innovative products, services, business models and delivery mechanisms.
The regulation came into effect on Monday 26 September 2016.
A
The new regulations strengthen the Island’s efforts to combat financial crime and provide greater clarity on the obligations of virtual currency exchange businesses.
Exchange businesses typically provide services which allow 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 the States of Jersey, Digital Jersey, and the JFSC as part of Jersey’s Digital Policy Framework. The regulation allows local businesses to develop and test innovative products, services, business models and delivery mechanisms.
The regulation came into effect on Monday 26 September 2016.
A