When crypto just started getting big and people were doing ICOs, the Jersey regulator produced a guidance note which led to some interesting activity in Jersey, including some ICOs, crypto funds, and wider work with service providers, such as Binance. Guernsey has taken a more cautious approach to cryptoassets, but now that the FATF has effectively said that regulators must either regulate virtual assets or ban them, Guernsey have said "we will regulate". The law is being written now and the GFSC are designing the regulatory rules and licensing regime that will apply to virtual asset service providers ("VASPs") in Guernsey. We understand the intention is to have the licensing regime in place by the end of 2022, which could really change things for the jurisdiction. It is particularly relevant that the GFSC recently authorised Guernsey's first Bitcoin fund.

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