Virtual Currencies
11th February 2014The Commission has a policy of encouraging innovation. Virtual currencies are an area of innovation which the Commission continues to monitor closely while recognising that there are currently significant risks associated with them. In the light of those risks, the Commission will adopt a cautious approach and may well refuse applications to register financial services business where the use of virtual currency is involved. However, this approach will be regularly reviewed in the light of international developments.
UPDATE 11/09/2025: This article was published in 2014. The Commission has a policy of encouraging innovation and the Commission is regularly reviewing its approach in the light of international developments. We welcome dialogue with businesses seeking to innovate or to introduce business into the Bailiwick in this area. In the first instance, they should contact the Commission’s Authorisations and Innovation Division and visit the pages of the Digital Finance Initiative.