A SCRUTINY panel has been given an update about Jersey’s moves to adopt new international measures to counter tax evasion through the use of cryptocurrencies and other virtual assets.
The Island has signed up to the Crypto-Asset Reporting Framework, a new global standard requiring the collection, reporting and exchange of tax information on customers of crypto-asset service providers.
External Relations Minister Ian Gorst was questioned about CARF by members of the Economic and International Affairs Scrutiny Panel during a quarterly public hearing.
The panel heard that after Jersey became one of 48 jurisdictions to commit to the new framework in November 2023, a public consultation was recently started and would close in February, with legislation set to be debated by the States Assembly in the second half of 2025 and to come into force on 1 January 2026.
Deputy Gorst said: “It’s not an area that we have very many structures that would come within this framework, but we’ve always taken quite a robust approach to dealing with crypto assets and how we try to regulate them, so we thought it was quite important that we were signed up to the framework, and put it into domestic legislation.
“We are setting out our store very clearly: come to Jersey, but we will only accept your business if you can meet these fairly robust regulatory requirements.”
