Digital Jersey, an independent organization that represents Jersey’s digital industries, has signed a memorandum of understanding (MOU) with cryptocurrency exchange Binance, according to a press release published June 11. Per the terms of the MOU, the two firms aim to develop a compliance base and cryptocurrency exchange on the island.
Digital Jersey will reportedly cooperate with Binance to deliver training as part of their digital skills program and other services with the purpose of promoting the blockchain industry in Jersey, as well as support Binance in discussions about compliance with AML regulations. Digital Jersey will also assist the exchange in establishing licensing and banking relations on a local level.
According to the press release, the Government of Jersey and the Jersey Financial Services Commission will support Digital Jersey in the development of distributed ledger technology in fintech and the growth of local talent. CEO of Digital Jersey, Tony Moretta, said:
“We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction. We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills program and support the growth of new startups in this area.”
With this move, the company hopes to create 40 new jobs in the field, while Binance will reportedly invest in new Jersey-based startups through their venture capital subsidiary Binance Labs.
Earlier this month, Binance announced plans to allow fiat-crypto trading through a separate Malta-based exchange later this year. The exchange’s representative told Cointelegraph that Binance Malta will most likely begin fiat trading with a euro-Bitcoin pair.
In April, Cointelegraph reported that Binance signed an MOU with the Government of Bermuda, which establishes funding for educational programs related to fintech and blockchain startups. The exchange also partnered with Ugandan Blockchain organization Crypto Savannah to support economic development in the East African country.