In 2021, together with the Government of Jersey, we will focus on assessing the risks of virtual assets and money or value transfer services. We are then hoping to develop a regime taking these risks into account. We have received enquiries covering these sectors and acknowledge that all businesses, whether new or existing entrants, need regulatory requirements which are clear and unambiguous. We hope that by laying the groundwork in 2021, we will be in a position to provide clarity on this.
We are also committed to aligning our approach and risk appetite towards FinTech and innovative businesses throughout 2021. This will be aligned with the recommendations arising from our review of our authorisations framework.
As a result of extensive commentary on the focus of alternative banking solutions as well as feedback received from local businesses, we will be exploring the options available within our regulatory regime to support these relationships and solutions.
Our commitment to open and active engagement with all businesses and stakeholders who are considering operating an innovative business will continue. We will proactively engage with:
Innovative firms through our Innovation Hub
Digital Jersey and Jersey Finance through the FinTech Forum, Digital Assets Working Group and Sandbox Jersey
The Government of Jersey about introducing modern regulatory regimes for virtual assets and their service providers, and money or value transfer services
Other like-minded regulators internationally through GFIN and IOSCO.
