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Virtual Currency Regulation: Consultation

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 8 July 2015:

MINISTERIAL DECISION REFERENCE:    MD-C-2015-0081

DECISION SUMMARY TITLE:  Consultation Paper on Regulation of Virtual Currency

DECISION SUMMARY AUTHOR:

Lead Policy Adviser, Financial Crime and Private Wealth

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Consultation Paper on Regulation of Virtual Currency

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

N/A

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Assistant Chief Minister approved the publication of a Consultation Paper on Regulation of Virtual Currency.

 

The Consultation Paper highlights the most prominent money laundering and terrorist financing risks that the Government of Jersey believe are associated with virtual currencies in their current form. It goes on to present a number of options for regulating virtual currency activity. In forming these options, the consultation paper has regard to the approach of a number of other jurisdictions and papers/policy documents produced by leading organisations. It also considers whether there is a case for adopting a standard for distributed ledger technology and the possibility of pan-Channel Island work in this area.  

 

RESOURCE IMPLICATIONS:

There are no resource implications for the States of Jersey as a result of this decision.

ACTION REQUIRED:

The Consultation Paper is to be published on the States website, sent to the Public Consultation Register and presented to the States as a Report.

 

SIGNATURE:

 

 

SENATOR PHILIP FRANCIS CYRIL OZOUF

POSITION:

 

 

ASSISTANT CHIEF MINISTER OF JERSEY

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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