2020 presented a number of challenges to both the JFSC and the financial services industry we regulate. It also presented a number of opportunities. We all navigated the digital environment to deliver services to customers and businesses with as little disruption as possible.
Notwithstanding the challenges, we committed to progressing a number of items from the 2019 FinTech and Innovation report throughout 2020 and beyond.
In Jersey:
We committed to helping emerging business models and technology businesses to navigate the regulatory regime. We did this by responding to 72 enquiries throughout the year. We also enhanced the way we process applications and enquiries internally, working with other teams across the JFSC to provide a comprehensive and consistent approach to innovative products, services and business models
We were available at the Digital Jersey Hub one day a month in early 2020, however, due to Covid-19, our physical presence stopped in March. Our commitment to Digital Jersey remained notwithstanding the pandemic/changes to working and their members continued to engage with us virtually, via video calls with the Innovation Hub, Registry and other JFSC teams
We continued to monitor the evolving landscape for insights and began contributing to the development of a new ‘Virtual Asset Service Provider Regime in Jersey
In 2020, we continued to be a member of the GFIN and participated in a number of projects. This supported our commitment to building relationships with the international regulatory community.
