Tech
Jersey has a ‘good opportunity’ to become a cryptocurrency hub
Image Caption: Nathan de la Haye lectures to Jersey businesses on how to work with digital assetsAbout the article
- Author, Calum Riva
- Role, BBC News, Jersey
-
6 hours ago
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 location for cryptocurrency companies.
But he also said he believes local businesses need to change their mindset to take advantage of the digital currency.
He said: “A lot of people think it’s just a get-rich-quick scheme and don’t take it seriously.”
“You can’t ignore it”
Mr de la Haye explained that Jersey businesses may be wary of cryptocurrency price volatility.
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.
Mr de la Haye explained that the Jersey Financial Services Commission (JFSC) was open to the adoption of cryptocurrencies and had provided clear guidance to companies.
“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.
Jason Laity, a financial industry leader, said this is certainly “a sign of a progressive regulatory environment.”
However, he stressed that “the regulator has to walk a fine line” between supporting cryptocurrencies and ensuring that 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.
Mr Laity said there is certainly a lot of activity in Jersey, so there is no reason why the number of cryptocurrency start-ups cannot increase.