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Jersey has a ‘good opportunity’ to become a cryptocurrency hub
Nathan de la Haye speaks to Jersey businesses about working with digital assets [BBC]
Jersey has a “good opportunity” to become a major crypto technology hub, a digital currency specialist says.
Nathan de la Haye, 26, founder of BlockWise, said the island’s financial services sector and clear regulatory guidelines make it an ideal place for cryptocurrency-related businesses.
But he also said he believes local businesses need to change their perspective to take advantage of the digital currency.
He said: “A lot of people think it’s just a get-rich-quick way and don’t take it seriously.”
“I can’t ignore it”
Mr de la Haye explained that Jersey businesses may be cautious about the volatility of cryptocurrency prices.
But he said: “The size of the industry means it can no longer be ignored.”
According to cryptocurrency market data platform CoinMarketCap, the global cryptocurrency market capitalization is over $4.2 trillion.
De la Haye explained that the Jersey Financial Services Commission (JFSC) is open to cryptocurrency adoption and has provided clear guidance for businesses.
“They recognize the potential that this technology can have, so they have put the regulatory framework in place,” he added.
In 2014, the JFSC approved the world’s first regulated Bitcoin investment fund, GABI Plc.
Financial industry leader Jason Laity said this is certainly “a sign of a progressive regulatory environment.”
However, he stressed that “the regulator must walk a fine line” between supporting cryptocurrencies and ensuring the island’s reputation remains intact.
He said the island’s reputation was “extremely important to the financial services sector” and that any rapidly evolving emerging sector needed to be carefully regulated.
Mr de la Haye founded BlockWise to advise Jersey businesses on crypto-technology.
He launched his company with the help of Digital Jersey’s Tech Start Up Bootcamp.
“It would be really exciting if more companies created new financial products and services around blockchain and cryptocurrency,” he said.
The story continues
Mr Laity said there was certainly a lot of activity in Jersey, so there was no reason why the number of cryptocurrency start-ups couldn’t increase.
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