The Island Of Jersey is a pleasant place to live, to enjoy its natural beauty and yes, it is a blissful place for flexi tax regulations and booming Fintech arena. Since last 2-3 years Jersey was being counted as one of the gold mine areas for financial and tech-related companies because of its limited regulations regarding bitcoin and digital currencies. However, according to market analysts, things are going to be changed soon. But, why! Let’s check…
Currently, there are more than two dozens of well-known companies and business organization that adheres to bitcoin as a payment method. But recently, Jersey has expressed its willingness to accept cryptocurrency and implement stringent laws. Accordingly, this change is going to take place and accordingly changes/modifications will be implemented.
The new legislature entitled, “Profits of Crime (Supervisory Bodies) (Virtual Currency Exchange Business) (Exemption) (Jersey) Order 2016” is Jersey’s sincere attempt to crack down on cybercrime, money legalizing, and many other things people seem to think come about with bitcoin.
While a full on BitLicense like in New York is getting avoided for the time being, new rules are eventually being compulsory, particularly on bigger companies. If the 12-monthly profits of a business are similar to 150,000 pounds or more, that business is needed to undergo official registration with Jersey lawmakers, and go through additional hassle as one of the “big men on campus.” If a company’s twelve-monthly profits are below the benchmark, it’s expected to be exempted.
According to the new law:
“An individual shall not be taken granted for committing any offence under article 10(4) of the Law for a period of 3 months beginning with the day on which the turnover of the specific virtual currency exchange business, in the calendar year immediately preceding that day or exceeds £150,000.”
The law has been introduced since last September 26, 2016.