Guernsey:
New Crypto Rules Expected In November
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When crypto just started getting big and people were doing ICOs,
the Jersey regulator produced a guidance note which led to some
interesting activity in Jersey, including some ICOs, crypto funds,
and wider work with service providers, such as Binance. Guernsey
has taken a more cautious approach to cryptoassets, but now that
the FATF has effectively said that regulators must either regulate
virtual assets or ban them, Guernsey have said “we will
regulate”. The law is being written now and the GFSC are
designing the regulatory rules and licensing regime that will apply
to virtual asset service providers (“VASPs”) in Guernsey.
We understand the intention is to have the licensing regime in
place by the end of 2022, which could really change things for the
jurisdiction. It is particularly relevant that the GFSC recently
authorised Guernsey’s first Bitcoin fund.
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