The Guernsey Financial Services Commission published a Consultation Paper setting out the Commission’s Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, and is seeking feedback on its proposed Rules and approach.
The Law and accompanying Rules covers, among other topics, Fintech platforms operating crowdfunding and peer to peer platforms as well as virtual asset service providers. It introduces licensing for a wide range of activities related to crypto.
Guernsey is introducing these Rules, in part, to ensure it remains compliant with the published expectations of the Financial Action Task Force which has set out detailed guidance on how countries must act to stop crypto being used for criminal purposes.
The deadline for responses to the Consultation Paper is 15 September 2022.