Jersey Island has decided to create a law to regulate all cryptocoins transactions.
Jersey Island has decided to create a law regulating all transactions that have to do with cryptocoins. For quite a while international companies related to Fintech technology and financial industry have used this island for its potential with respect to Bitcoin and other digital currencies. two dozen established companies and businesses on the island of Jersey that accept bitcoin as a method of payment. but since last year the authorities on the island have shown discontent about certain irregularities related to transactions with cryptocoinss. That is why they have expressed its desires toregulate cryptocurrency and implement stricter laws.
The new legislation, titled “Proceeds of Crime (Supervisory Bodies) (Virtual Currency Exchange Business) (Exemption) (Jersey) Order 2016” comes following deliberation by the government for all over the year in an effort to combat money laundering and other forms of financial crime.
The regulation was first revealed during the island’s first Fintech conference in October 2015, when Jersey’s assistant chief minister, Senator Philip Ozouf, spoke about a “light touch” regulation for digital currencies.
This new regulation will mean changes for digital currency. Each company related or whose cryptocoins exchange economic activity must register, meet regulatory requirements if their total annual transfers is above 150,000 pounds. All these providers will have three months to notify the government or will be fined. It should be noted that companies that do not generate that amount should be exempted from the regulation.
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