Digital Jersey has signed a memorandum of understanding with the world’s largest cryptocurrency exchange, Binance.
Under the memorandum, Binance will develop a compliance base and cryptocurrency exchange in Jersey. Digital Jersey will collaborate with Binance to deliver training and other initiatives to support the growing blockchain ecosystem in Jersey. Digital Jersey will also support Binance in discussions on compliance with anti-money-laundering regulations, and to establish exchange licensing and local banking relationships.
CEO of Digital Jersey, Tony Moretta, said, “Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges back in 2015. We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction. We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills programme and support the growth of new start-ups in this area.”
Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world class financial services sector. The Government of Jersey and the Jersey Financial Services Commission recognise the innovative potential of distributed ledger technology and will work closely with Digital Jersey to develop this area of fintech and the growth of local talent to support it.
CEO of Binance, Changpeng Zhao, said, “We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”
It is hoped that the move will create around 40 new jobs in the sector and Digital Jersey are working with the Binance Foundation to establish training schemes covering a range of digital skills including distributed ledger technology, artificial intelligence and regulatory compliance. Binance will also invest in new Jersey-based start-ups in this area through Binance Labs, encouraging innovation and supporting Digital Jersey’s objective to diversify the Island’s economy and establish Jersey as a leading digital centre.