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 digital currency businesses on the island:

“The Government has arrived at a policy position in respect of the regulation of virtual currency. Ultimately, the aim of this policy is to further enhance Jersey’s proposition as a world leading Fintech jurisdiction”

Jersey’s assistant chief minister, Senator Philip Ozouf, today released an introductory statement outlining how digital currency regulation will focus on exchanges, ATMs, and especially those services that connect digital currency to Fiat currency.

Besides creating regulation to protect consumers, the government wants to put in action measures to protect against the misuse of digital currencies:

“In considering

Read more ... source: NewsBTC USA