Jersey is an island off of the coast of Normandy with a self-governing government but still autonomously attached to the UK. Much like the Isle of Man, Jersey has been seen as one of the safe havens for digital currencies. It has led a lot of people working on financial and technological innovation to settle their business there.
The government believes placing the exchange digital and fiat currencies businesses under statutes governing the activities of money services businesses is the most sensible option to take at this moment.
The government also mentioned its position regarding the development of future standards for applications of the blockchain and digital currencies regarding new payment systems, stating that it acknowledges the huge potential of distributed ledger technology to change the future of finance.
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