Jurisdictions
Regions
Industry Sectors
11/03/24
From Features
Virtual Assets
In recent years, the global financial landscape has witnessed a paradigm shift with the advent of virtual assets and the emergence of virtual asset service providers (VASPs). These digital currencies and the platforms facilitating their exchange have ushered in a new era of financial innovation and decentralized finance. However, alongside their disruptive potential comes a pressing need for regulatory clarity and oversight. In this feature, we embark on a comprehensive journey across six jurisdictions—Cayman, Hong Kong, Ireland, Jersey, Singapore, BVI and Luxembourg—looking at the regulations governing virtual assets and VASPs. Through a series of insightful articles, we delve into the evolving regulatory frameworks, compliance challenges, and industry developments shaping the future of this burgeoning sector. Each jurisdiction offers a unique perspective on navigating the complexities of virtual asset regulation. With each working to establish themselves as powerhouses in fintech innovation, our exploration promises a diverse array of insights into the regulatory dynamics at play.
Cayman Islands: Virtual Asset Services Provider Legislation
The Cayman Islands’ (Cayman) position as a hub for the establishment of FinTech structures has been…
Virtual Asset Regulation in Jersey
Jersey
Tshogofatso Dhlamini
Carey Olsen Jersey LLP
Jersey established itself as a crypto-friendly jurisdiction early on, when the island's regulator, the Jersey Financial Services Commission (JFSC), approved the launch of the world's first regulated Bitcoin investment fund, GABI Plc. Whilst the JFSC has a forward-thinking attitude towards the digital assets industry in Jersey, the island is not a ‘crypto free-for-all’ jurisdiction.
Jersey Virtual Assets Market Trends In 2023
Following the FTX crash in November 2022, the digital assets industry started 2023 on shaky ground, coupled with the Securities Exchange Commission filing suits against some of the world's biggest crypto exchanges, i.e. Binance, Coinbase, and Kraken.
Despite the negative trends that affected the digital assets industry on a global scale, Jersey continues to be open to crypto and continues to establish itself as an autonomous and pro-business jurisdiction. In 2023, Jersey has seen an increase in digital asset exchange trade products (ETPs) programmes. In May 2023, Jersey welcomed the ETP programme for digital asset manager Valour, and in July 2023, the JFSC approved the first digital assets investment business licence for digital assets trading firm, Elwood.
Virtual Asset Businesses That Require Regulation In Jersey
Other than introducing the Virtual Asset Service Provider (VASP) regime in Jersey's Anti-money Laundering / Combatting Financ…
Practical Considerations For Blockchain Businesses In The BVI
Setting up and running a business in the virtual assets sector is no easy feat, but selecting an app…
