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Bailey McCann, Opalesque New York: Jersey, an international hub for the private funds industry, is now building up its presence in the FinTech space. The island held its first FinTech conference late last year and Mike Jones, of the Jersey Financial Services Commission, recently told participants at the Opalesque Jersey Roundtable that the regulator has beefed up its efforts on cybersecurity in order to ensure that information in these new technologies are protected.
To that end, the JFSC has strengthened its cybersecurity operations and has started to keep an eye on how industry participants are minding the store. In addition, JFSC went through a FinTec strategy process earlier this year to determine the possible roles for the regulator in terms of overseeing the development of this industry.
"Regulators have a role in protecting the island's best economic interests, to protect consumers, efficient oversight of the sector, etc., but we also have a
role in ensuring that the island remains competitive, and globally there is clearly dramatic activity happening in the FinTech
space," Jones said.
The regulator is also considering new initiatives to help support the growth of blockchain technology as well as virtual currencies.
Digital Jersey, the jurisdiction's agency for technology initiatives, has listed FinTech as one of its core focus areas for its 2016 business plan. ...................... To view our full article Click here
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