Digital Jersey, an organization launched in 2013 to promote digital industries in Jersey, has signed a Memorandum of Understanding (MoU) with cryptocurrency exchange Binance. In the announcement, Digital Jersey wrote that both the companies will work together to develop a cryptocurrency exchange in Jersey.
From providing training to establishing agreements with banks, Digital Jersey will be a part of the new development in every stage. Tony Moretta, Digital Jersey’s CEO, said, “Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges back in 2015 … We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills programme and support the growth of new start-ups in this area.”
Binance chose Jersey due to its efforts at creating a crypto-friendly regulatory environment for companies. Changpeng Zhao, Binance’s CEO, said, “With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.” The collaboration is expected to create around 40 job opportunities in the island.
Meanwhile, a representative from Binance told that Binance Malta will offer crypto-fiat trading this year. This statement clarified the rumor that the exchange was planning to launch such a service on its main platform. Earlier this month, Zao announced that they had already opened a bank account in Malta. He further explained that country’s regulators were “very welcoming and reasonable”.
When asked about the rumors stating that exchange would buy an island, Zhao said, “Conceptually it’s definitely possible, but it’s not… [an] easy feat, establishing a company is already hard enough.”