Guernsey's new Lending, Credit and Finance Law, which comes into effect this summer, will provide a credible platform on which fintech businesses can be launched from Guernsey.

The Guernsey Financial Services Commission (GFSC) has published a feedback paper following a consultation.

A number of changes were made to the draft Rules and Guidance, designed to strike a balance between proportionate regulation and the protection of customers without unduly restricting the market and maintaining access to services from a variety of providers.

Director General of the GFSC, William Mason, said: “The introduction of the Lending, Credit and Finance Law brings reasonable levels of consumer credit protection to the Bailiwick's residents for the first time. It has several parts and it also provides for the regulation of fintech innovations around electronic platforms and Virtual Assets Service Providers (crypto exchanges etc). These are areas where reputable entrepreneurs require licensing to distinguish themselves from unregulated speculators and promoters. Our new regime should allow high quality fintech innovators to run their businesses from Guernsey.”

Once the law comes into effect in full on 1 July 2023, firms carrying on business regulated by the law will need to be licensed and will need to follow the rules set out by the Commission.

Licence applications can be submitted from 1 February 2023, with forms available on the Commission's website. Potential applicants are strongly encouraged to apply early and those who apply before 31 March 2023 will benefit from a 50% discount on the application fee. The Commission is expecting a considerable number of new licence applications and is aiming to process all applications received by 31 March 2023 by 1 July 2023.

More details and documents can be found on the Commission's website.

For more information about Guernsey's finance industry please visit

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