Jersey Takes Another Stab at Introducing Regulatory Framework for ICOs

The Jersey Financial Services Commission have issued a supervisory note setting out a new approach to initial coin offerings (ICOs) or virtual currencies, which have become an increasingly prevalent means of raising public funds using distributed ledger technology.

The note comes after JFSC risk warning publications in 2017 for potential depositors looking to invest in virtual currencies; which stressed that the JFSC does not regulate the virtual currencies however does require the issuing companies to meet minimum standards in order to be administered by a legitimate service provider.