UK ‘Bitcoin Isle’ Amends Law for Digital Currency Exchanges

The government of Jersey, an autonomous island and a dependent of the British Crown, is set to introduce new regulation for digital currency exchanges.
Legislators of the State of Jersey, a British Crown dependency are amending laws to regulate digital currency exchanges in the island that is seen as a tax haven and an attractive destination for Fintech services and companies.
Fundamentally, the new law will see bitcoin- and cryptocurrency exchanges feel more stringent regulations when they grow bigger.
The new legislation, titled ‘Proceeds of Crime (Supervisory Bodies) (Virtual Currency Exchange Business) (Exemption) (Jersey) Order 2016′ [PDF] comes following deliberation on the government’s part for well over a year in an effort to combat money laundering and other forms of financial crime.

This post was published at Crypto Coins News on 03/10/2016.