Jersey potential to be crypto hub
Jersey has a “good opportunity” to become a major hub for crypto technology, a specialist in digital currency has said. BlockWise founder Nathan de la Haye, 26, has said that the financial services industry on the island as well as its clear regulatory guidelines all make it an ideal place to crypto businesses.
But local companies, he believes, ought to change their own perspectives if they hope to take advantage of digital currencies. “A lot of people think it’s just a get-rich-quick scheme, and don’t really treat it seriously,” he said.
Mr de la Haye explained that firms in Jersey could be cautious about the price volatility behind cryptocurrencies. But “the size of the industry means you can’t really ignore it any more,” he said. The global market cap of cryptocurrencies is over $4.2 trillion, cryptocurrency market data platform CoinMarketCap reports.
The Jersey Financial Services Commission (JFSC), Mr de la Haye said, was open to adopting crypto, having offered a clear guidance for businesses. “They recognise the potential that this technology can have, so they have put the framework in place,” he added.
In 2014, the JFSC approved the first ever regulated bitcoin investment fund, GABI Plc, in the world. This, according to finance industry leader Jason Laity, was “a sign of a progressive regulatory environment”. However, the regulator “must tread a fine line” between supporting crypto and ensuring that the reputation of the island remains intact, he said.
The island’s reputation was “massively important for the financial services industry,” he said, and any emerging fast-pace sector should be carefully regulated.
Image: Copernicus Sentinel-2, ESA
