Digital Jersey, an economic agency and industry association, has signed a Memorandum of Understanding [MoU] with one of the largest cryptocurrency exchanges, Binance. Under this memorandum, Binance will develop a compliance base and cryptocurrency exchange in Jersey, while Digital Jersey will collaborate with Binance to deliver training to support the growing blockchain ecosystem in Jersey.
Digital Jersey would also be supporting Binance in discussions regarding compliance with anti-money-laundering regulations, and also to establish exchange licensing and local banking relationships.
Jersey is politically and financially stable and has highly developed digital infrastructure, leading Binance to opt for Jersey to base operations in. The Government of Jersey, and the Jersey Financial Services Commission understand the far-reaching applications of distributed ledger technology and will work closely with Digital Jersey to develop this area of FinTech, as well as help develop local talent to support it.
Changpeng Zhao, CEO of Binance, says:
“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.”
Digital Jersey and Binance Foundation are to co-operate in establishing training schemes that cover a range of digital skills like distributed ledger technology, artificial intelligence and regulatory compliance. Binance is also set to invest in new Jersey-based start-ups in this area through Binance Labs. This also ties up nicely with Digital Jersey’s founding ideal, to diversify the island’s economy and put Jersey on the map as a digital center.
CEO of Digital Jersey, Tony Moretta says:
“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.”
CryptoCapTrack asserts on Twitter:
“UK will be blockchain capital of the world within 10 years”
To which Adam, another Twitter user, points out:
“Jersey isn’t in the UK”
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