Jersey and Bitcoin

Jersey.

Jersey is a self-governing parliamentary democracy under a constitutional monarchy, with its own financial, legal and judicial systems,^[11] and the power of self-determination.^[12]The island of Jersey is the largest of the Channel Islands. Although the Bailiwicks of Jersey and Guernsey are often referred to collectively as the Channel Islands, the "Channel Islands" are not a constitutional or political unit. Jersey has a separate relationship to the British Crown from the other Crown dependencies of Guernsey and the Isle of Man.^[13] It is not part of the United Kingdom,^[14] and has an international identity separate from that of the UK,^[15] but the United Kingdom is constitutionally responsible for the defence of Jersey.^[16] The Commission have confirmed in a written reply to the European Parliament in 2003 that Jersey is within the Union as a European Territory for whose external relationships the United Kingdom is responsible. Jersey is not fully part of the European Union but has a special relationship with it, notably being treated as within the European Community for the purposes of free trade in goods.^[17]

https://en.wikipedia.org/wiki/Jersey



The Jurisdiction of Jersey is planning to introduce a regulatory framework for bitcoin.
When actual details are available I will post links and excerpts.


http://www.bbc.com/news/world-europe-jersey-34616053 BBC calls it a 'light touch' system.

http://fintech.je/ - the conference where the announcement was made.

http://www.hedgeweek.com/2015/10/21/232913/jersey-planning-regulate-virtual-currency

Speaking at the conference Senator Ozouf said: “Virtual currency systems can be significant building blocks of a modern digital economy and the introduction of an appropriate and proportionate regulatory regime in this area is intended to encourage confidence and innovation in the sector. “And the exciting thing about combining new technology and a free market is that the evolution of this area is uncertain and no-one can predict exactly how these new forms of financial technology will develop. “What governments can do, however, is create the best environment in which this financial innovation can flourish. The release of this policy today, is a stepping stone along that path for Jersey.”

Comments

As I regularly point out regulation is often a necessary construction to enable innovation.