Island of Jersey Welcomes Cryptocurrency With Minimum Standards That ICOs Must Follow
The UK has been working to integrate cryptocurrency in phases, and the island of Jersey seems to be the most willing to adapt. The Financial Services Commission in the area created a specific set of rules that new companies must follow, if they wish to offer coins and tokens. The reason that this change is so substantial is due to the wealth of the residents in the area, which means that it could easily become a thriving place for cryptocurrency as a whole and locally.
As a result of the potential for this area to thrive, there are certain “minimum standards and requirements” for any potential ICOs. One of the main points in the document is that there won’t be true regulation, but they have to be companies that are founded in Jersey specifically. They will also have to:
- Agree to follow the JFSC Sound Business Practice Policy
- Get permission to operate before beginning business from the Control Of Borrowing Order
- Have a director that is a resident of Jersey
- Agree to auditing
- Have a clear copy of marketing material to ensure complete understanding of the new exchange and token
By following these simple requirements, along with other regulations outlined, it seems that the area is trying to show their welcome to any cryptocurrencies coming in. The government has been involved with crypto for a while, and haasn’t been discouraged by any of the challenges or changes that have come with it.
Read the extent if the regulations, here.