Crypto: the future?
Cryptocurrencies are set to be another focus area for Jersey in the next few years. But the more pertinent question is whether Jersey has the required level of training and experience to operate in the space.
“Yes, there is a great community in Jersey on the crypto and blockchain sides, but for that to permeate around the entire finance industry, it is going to take a bit of time and training,” said Satchell. “That is not something that people are shying away from anymore. People are interested and they’re excited by it as a new technology coming into play, and I think it’s going to influence everything.
“It’s going to start affecting our lives, e.g. in buying tickets for things or having access to reports – it will all be on the blockchain now, rather than using more traditional methods. It will change the way we operate. So, for me, it is a case of ensuring that training and experience is filtering its way into the businesses and the island, in the way that Jersey has always done in the past with other new products. I’m confident Jersey will be at the forefront again in a few years’ time.”
Vardon made similar observations about crypto generating interest as a new asset class. “It’s knowing that Jersey as a jurisdiction has the infrastructure to deal with that. Jersey has supported the evolution of alternative asset structures for years, and the knowledge and expertise to support digital assets is growing, despite the asset class being relatively new. As Matt mentioned, there’s a lot of training required. But actually, there are individuals in the Jersey market that can provide advice and expertise and support fund boards in this space.
“It’s very much continuing to build on the existing infrastructure on the island so that supporting digital asset structures becomes the norm over the next few years. Agreed, it’s not something that’s going away, and there are a lot of firms which are already in Jersey, including those which specialise in digital asset custodial services.”