JFSC strengthens digital assets expertise with newly appointed commissioners
We have appointed two new commissioners bringing further significant financial services expertise to the JFSC’s board, including in digital assets.
New Deputy Chair Paul Frost-Smith brings more than 35 years of experience in investment banking and capital markets, having worked for JP Morgan and setting up a hedge fund before transitioning into digital assets, with his most recent role being CEO of Komainu – an institutional digital asset custodian. He is based in Jersey.
Former EY partner, and now Managing Partner of HT Digital and new Commissioner Amarjit Singh, based in the UK, has extensive financial services expertise having led blockchain and digital asset initiatives across the EMEIA region. He regularly speaks and leads industry panels and chairs the Risk and Audit Committee for NHS Charities Together.
The appointments come as two members step down from the board. We will now sit with five commissioners based on-island and three off-island.
Both Mr Frost-Smith and Mr Singh will benefit the board with industry and oversight perspectives and with their combined experience covering the full digital asset scope: infrastructure, regulation, governance, risk and market development.
These appointments come at a pivotal time for Jersey’s financial services sector, with the island’s ambitions recently laid out in its Time to Win strategy. This includes the goal of capitalising on new opportunities in tokenisation while maintaining Jersey’s reputation as a well-regulated international finance centre. Building on the island’s strengths in funds, private wealth and financial services, it is well positioned to support the development of this emerging market, with Mr Frost-Smith and Mr Singh bringing invaluable insight and expertise in this area to the JFSC.
Chair of the JFSC Jane Platt commented: “I am delighted to welcome Paul and Amarjit to the board. Their combined expertise and risk awareness in digital assets, blockchain, governance and broader financial services will be a significant advantage for the organisation as the industry continues to evolve.
“Jersey has a significant opportunity to build on its reputation for regulatory excellence while embracing innovation and their experience will help ensure the JFSC can support the island's competitiveness and the ambitions of the Time to Win strategy.
“These appointments further strengthen the breadth of experience around the board table and support Jersey's position as a leading, forward-looking international finance centre."
Speaking on his appointment as Deputy Chair, Paul Frost-Smith said: “I am delighted to be appointed Deputy Chair of the JFSC. Jersey has the opportunity to become a digital asset centre of excellence and a significant part of my mission will be to drive this agenda to attract world-leading organisations to the island by helping to raise its profile on the international stage and facilitate ease of participation in the digital asset ecosystem, with appropriate safeguards.
“Digital assets, and tokenisation in particular, are the keys to unlock a broader audience, as institutional participation in digital assets is set to expand exponentially over the next five years.”
Amarjit Singh added: “I am excited to join the JFSC at such an interesting time to build on the great work already done in the digital assets space with Time to Win report and the subsequent launch of the Digital Asset Innovation Council. Jersey has a strong reputation as trusted financial services centre together with a principles-based regulator which makes it a very attractive jurisdiction for serious institutional firms to locate and further develop their digital asset services and products to a global client base.”