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The Jersey Financial Services Commission has given the go ahead for the Island’s first regulated Bitcoin investment fund.
This is the latest development in the States-led initiative to make Jersey an internationally recognised digital centre. The Global Advisors Bitcoin Investment Fund comes into effect on 1 August, launching Jersey into the cryptocurrency (virtual currency) internet or online business.
The Assistant Chief Minister with responsibility for financial services, Philip Ozouf, said: "This is believed to be the first regulated Bitcoin fund in operation and Jersey is pleased to be paving the way. Fintech, which broadly defines the emerging digital industry in finance, is a sector that I believe holds significant opportunities for Jersey.”
The Senator first presented the State’s policy framework for the future of the Island’s financial services industry, in April this year.
He said: “We are working closely with the commission, industry and Digital Jersey to help develop the Island as a natural hub for fintech business. We are committed to maximising the benefits and opportunities of cryptocurrencies like Bitcoin in a well-regulated environment.”
Digital Jersey also welcomed the approval of the Bitcoin investment fund for the opportunities it would present.
The Chairman, Paul Masterton, said: “Cryptocurrencies are moving at an incredibly fast pace and it is essential that government, the regulator and industry work together, and at speed, to capture the opportunities and minimise potential risk. More than ever, we must position Jersey as a progressive jurisdiction which is developing exciting new products, while keeping the interests of society at heart.’’
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