According to a press release published June 11, Digital Jersey (an independent organization that represents Jersey’s digital industries) has signed a memorandum of understanding (MOU) with cryptocurrency exchange- Binance. Per the terms of the MOU, the plan is to build up a compliance base and cryptocurrency exchange on the island.
As per the reports, Digital Jersey will cooperate with the exchange to deliver training as part of their digital skills program and other services with the purpose of promoting the blockchain industry in Jersey. They will support the exchange in negotiations about compliance with AML regulations as well as assist the exchange in establishing licensing and banking relations on a local level.
CEO of Digital Jersey, Tony Moretta, said:
“We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction. We look forward to collaborating with them to develop their exchange and compliance functions in Jersey, deliver blockchain training as part of our digital skills program and support the growth of new startups in this area.”
According to the press release, the Government of Jersey and the Jersey Financial Services Commission will support Digital Jersey in the development of distributed ledger technology in fintech and the development of local talent.
The company hopes to create 40 new jobs in the field with this decision, while Binance will reportedly invest in new Jersey-based startups via their venture capital subsidiary Binance Labs.
Earlier this month, Binance made public its plans to permit fiat-crypto trading through a separate Malta-based exchange later this year. The exchange’s spokesperson said that the Malta exchange will most likely begin fiat trading with a euro-Bitcoin pair.
In April, it was reported that Binance signed an MOU with the Government of Bermuda, which institutes funding for educational programs related to fintech and blockchain startups. The exchange also aligned with Ugandan Blockchain organization Crypto Savannah to shore up economic development in the East African country.