JERSEY VA/VASPs registration update [you need to resubmit if already registered]

In Jersey, since 2016, Virtual Currency Exchange Businesses

• Have been required to register with the JFSC and
• Subject to anti-money laundering/countering the financing of terrorism/countering proliferation financing (AML/CFT/CPF) legislation.

However,

• New legislation has been enacted to ensure that all virtual asset activities are subject to the same AML/CFT/CPF legislation requirements, namely
  • The Proceeds of Crime (Amendment No. 6) (Jersey) Order 2022 (Amendment No. 6)  
  • https://www.jerseylaw.je/laws/enacted/Pages/L-25-2022.aspx
• Amendment No6 has aligned JERSEY'S VIRTUAL ASSET [VA] AND VIRTUAL ASSET SERVICE PROVIDERS [VASPs] regime to the Financial Action Task Force Standards (The FATF Recommendations (fatf-gafi.org)). https://www.fatf-gafi.org/en/topics/fatf-recommendations.html

Amendment No. 6 has introduced the following definitions:

"Virtual Asset" means a digital representation of value that can be digitally traded or transferred and can be used for payment or investment purposes.
"Virtual Asset Service Provider" includes a natural or legal person or arrangement that carries on the business of conducting one or more of the following activities or operations to, for or on behalf of another natural or legal person or arrangement:
(a) Exchange between virtual assets and fiat currencies,
(b) Exchange between one or more forms of virtual assets,
(c) Transfer  of virtual assets,
(d) Safekeeping or administration of virtual assets or instruments enabling control over virtual assets,
(e) Participation in and provision of financial services related to an issuer's offer and/or sale of a virtual asset.

What do you need to do?

If you are an existing business (operating before 30 January 2023) conducting virtual asset service provider activity in Jersey, you need to REGISTER [RE-REGISTER] (FORMS TO UPLOADED SOON] with the JFSC to continue conducting business; This will require the following:

• If previously registered as a Virtual Currency Exchange Business, you must complete the registration form available on the JFSC website.

• The JFSC will treat this application as a notification.

• If previously notified, the JFSC to operate as a Virtual Currency Exchange business benefitting from the "turnover" exemption (as contained within the Proceeds of Crime (Supervisory Bodies) (Virtual Currency Exchange Business) (Exemption) (Jersey) Order 2016,

• Complete the registration form available on the JFSC website.
• The JFSC will treat this application as a new application.

• If registered under the Financial Services (Jersey) Law 1998 to conduct financial services business,

• You must complete the registration form concerning your existing virtual asset service provider activity.
• The JFSC will treat this application as a notification.

• If you have a new business (that began operating after 30 January 2023), you must register with the JFSC before you start conducting business. 

• The JFSC will treat this application as a new application.

SOURCE - https://www.jerseyfsc.org/news-and-events/virtual-asset-service-providers/