The first Bitcoin island, Jersey, has issued a digital currency exchange supervision bill to create a relaxed development environment

The government of the British island of Jersey announced legislation on the operation of digital currency exchanges about a year ago, and has now made considerable progress.

A year ago, representatives of the Jersey government expressed interest in creating a registration system for certain service providers, but its regulatory measures would not be as extreme as the BitLicense issued by New York.

On September 23, the Jersey Parliament (responsible for legislative affairs) issued a decree stipulating that digital currency exchanges with annual revenues of less than 15万英镑do not need to register. The decree came into effect on the 26th.

Exchanges whose annual revenue exceeds the cap have three months each year to report to the government, otherwise they will be punished.

The decree reads:

Article 4: If the annual revenue of a digital currency exchange exceeds 150,000 pounds for the first time, the person in charge must register in accordance with the provisions of the 2008 Act within three months from the day the revenue exceeds the limit, otherwise he will face criminal penalties.

Separately, the document shows that Jersey’s legislature has amended its anti-money laundering laws to include digital currency exchanges.

Virtual currency exchanges are included in the category of financial services companies and are subject to anti-money laundering laws.

The decree represents the outcome of a workshop held within the Jersey Government last year.

At the time, MP Philip Ozouf said the virtual currency system was a new and powerful technology and the government hoped to implement appropriate policies for it.