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Proceeds of Crime (Supervisory Bodies) (Virtual Currency Exchange Business) (Exemption) (Jersey) Order 2016

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 23 September 2016:

MINISTERIAL DECISION REFERENCE:    MD-C-2016-0108

DECISION SUMMARY TITLE:  Proceeds of Crime (Supervisory Bodies) (Virtual Currency Exchange Business) (Exemption) (Jersey) Order 2016

DECISION SUMMARY AUTHOR:

Lead Policy Adviser, Financial Crime and Private Wealth

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Proceeds of Crime (Supervisory Bodies) (Virtual Currency Exchange Business) (Exemption) (Jersey) Order 2016

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Lead Policy Adviser, Financial Crime and Private Wealth

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Chief Minister made the Proceeds of Crime (Supervisory Bodies) (Virtual Currency Exchange Business) (Exemption) (Jersey) Order 2016 (the “Order”).

 

On the 26 September 2016 the Proceeds of Crime (Miscellaneous Provisions) (Jersey) Regulations 2016 (the “Regulations”) will come into force. In the main the Regulations introduce a policy for regulation of virtual currency exchange business in Jersey.

 

The Order disapplies Parts 3 and 4 of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (“2008 Law”), which contain amongst other matters requirements as to registration (with a supervisory body) of a specified Schedule 2 business under the 2008 Law, where such a business is a virtual currency exchange business with a turnover of less than £150,000 in a calendar year which fulfils the conditions as to notification.

 

The policy behind the Order is to have a threshold where ‘lighter touch’ regulation applies until such a time as a Virtual Currency Exchange Business exceeds a turnover of £150,000 in a calendar year. This is designed to encourage innovation and start-up business in this new and emerging area of financial technology.

RESOURCE IMPLICATIONS:

There are no resource implications for the States of Jersey as a result of this decision.

ACTION REQUIRED:

That the Chief Minister sign and seal the Order and it be returned to the States Greffe for immediate publication and for notification to the States Assembly.

SIGNATURE:

 

 

SENATOR IAN JOSEPH GORST

POSITION:

 

 

CHIEF MINISTER OF JERSEY

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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