Guernsey has a longstanding global reputation as a leading centre for financial services and innovation. Much of its entrepreneurial history has been based on cutting edge or novel products, structures or services. The use of technology to disrupt existing models, create new services and streamline existing processes is an evolution of the flexible and nimble environment that has led to so many "world firsts" over the years.
The States of Guernsey's Digital Sector Strategic Framework sets out a pathway for the future development of Guernsey's digital economy and is a demonstration not only of the government's commitment to this area, but also a clear recognition of the pervasive impact of technology generally. Our existing legislation is broadly drafted and flexible, the regulators are accessible and willing to listen to new ideas and the infrastructure is recognised as a world leader.
As the home of one of the world's premier eGaming regimes, the support service industry here is used to adapting and using new technologies. The world's first "blockchain for private equity" solution was deployed in Guernsey, digital identity is a growth area and "Green Funds" and other ESG initiatives are opening up new investment avenues.
Stable regulation is important. As our intellectual property regime is robust, so our data protection regime is also recognised internationally. Guernsey has the important "adequacy" rating from the European Commission and was one of the first jurisdictions outside the EU to develop a GDPR-equivalent legislative regime. In a time of political upheaval, our government is stable, accessible and accountable.
There is a growing energy around the sector – the Guernsey Financial Services Commission (GFSC) supports a "soundbox" programme and was one of the founders of the G-FIN initiative (a global network of financial services regulators with a focus on technology), which shows that the island will remain synched with global innovation in the years to come.
To view the full article please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.