Digital Jersey has signed a memorandum of understanding with one of the world’s largest cryptocurrency exchanges, 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 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.
Digital Jersey CEO Tony Moretta commented: “Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges 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.”
Binance CEO 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.”
Digital Jersey hopes the move will create 40 new jobs in the sector. It is 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.
Pictured l-r: Stephen Stonberg and Zhou Wei from Binance; Tony Moretta, Digital Jersey; and Senator Ian Gorst