MasonBreese recently hosted a roundtable to discuss the strategic importance of digital tokenisation and digital assets to secure Jersey’s competitive edge in financial and professional services.
The roundtable brought together some of the key individuals responsible for driving Fintech adoption and financial services competitiveness in Jersey alongside Swiss and Liechtenstein business experts. Bringing together expertise across policy, regulation, tax, law and implementation from all three jurisdictions, the participants examined both the cross-jurisdictional impacts and opportunities for building regulatory frameworks that encourage cross-border business.
The discussion explored the potential benefits of tokenisation for financial institutions, including how financial institutions that are early adopters could benefit from new and better products at reduced operational costs.
The Roundtable Insights Report captures the outputs from the roundtable and outlines the practical implications of tokenisation and the factors that could impact its successful implementation in Jersey.
The key findings were that as interconnected international finance centres, Jersey, Switzerland and Liechtenstein must together build the ecosystem for effective implementation.
The four most impactful areas that will define Jersey’s success are to:
- Maintain and build a cross-border working group that will allow Jersey to learn from the implementation of tokenisation in other offshore jurisdictions and build cross-border opportunities with established tokenisation jurisdictions.
- Build upon Jersey’s international reputation as a well-regulated jurisdiction in order to continue to operate effectively in an increasingly competitive market.
- Grow the shared skills base across Jersey, Switzerland and Liechtenstein to build the right knowledge and practical skills to implement tokenisation within the professional services industry to accelerate adoption across each jurisdiction.
- Provide practical support that will increase the levels of understanding of tokenisation with a focus on coordination across the three jurisdictions, coordinated across government, regulators, Digital Jersey, DAIC and industry partners.
Tokenisation
Digital assets in practice: practical implications, risks and opportunities.
What happens next?
We are establishing a formal cross-border tokenisation working group spanning Jersey, Switzerland and Liechtenstein, focused on commercial applications and industry implementation, sharing real world insight on practical challenges and sharing knowledge across all three jurisdictions. The group is intentionally multi-jurisdictional to ensure the solutions are effective and support cross border opportunities.
The working group will:
- Increase levels of understanding of tokenisation with a focus on practical implementation, supporting governments and regulators across all three jurisdictions
- Review factors impacting successful implementation and develop mitigation strategies to reduce barriers
- Facilitate structured cross-border collaboration between Jersey, Switzerland and Liechtenstein, increasing capital flows and removing shared barriers
- Establish measurement principles to understand the value of effective implementation across all three jurisdictions
If you are interested in joining the working group, or receiving future updates please email [email protected].
