We encourage innovation in the financial services industry by:
- providing help for innovative businesses to understand how the regulatory framework applies to them and their proposed products and services
- listening to and engaging with Industry, considering relevant policy where appropriate to foster the development of innovative products or services
- working to ensure we have a technologically neutral regulatory regime wherever possible
- working closely with key stakeholders, including the Government of Jersey, industry bodies, and international standard setters to ensure that Jersey is well placed to respond quickly to new innovations in financial services.
We actively monitor Fintech developments and the potential regulatory implications. Some examples of our work on Fintech include:
- working with the Government of Jersey on the regulation of virtual currencies
- updating our AML/CFT handbook to provide further guidance to firms looking to use digital systems to satisfy certain customer identification requirements
- issuing FAQs on crowd funding
- implementing the Application Process for Issuers of Initial Coin Offerings (ICOs) - July 2018
- engaging with industry representatives on the potential development of a shared KYC utility.