Jersey has a “good opportunity” to change into a serious centre for crypto know-how, in response to a specialist in digital forex.

Nathan de la Haye, 26, founding father of BlockWise, mentioned the island’s monetary companies trade and its clear regulatory pointers made it an excellent place for crypto companies.

However he additionally mentioned he believed native firms wanted to alter their perspective to make the most of digital forex.

He mentioned: “A lot of people think it’s just a get-rich-quick scheme, and don’t really treat it seriously.”

Mr de la Haye explained that companies in Jersey could be cautious about the price volatility of cryptocurrencies.

But he said: “The size of the industry means you can’t really ignore it any more”.

The global cryptocurrency market cap is more than $4.2 trillion, according to cryptocurrency market data platform CoinMarketCap.

Mr de la Haye explained that the Jersey Financial Services Commission (JFSC) was open to adopting cryptocurrencies and had provided clear guidance for businesses.

“They recognise the potential that this technology can have, so they have put the framework in place,” he added.

In 2014, the JFSC approved the world’s first regulated Bitcoin investment fund, GABI Plc.

Finance industry leader Jason Laity said this was certainly “a sign of a progressive regulatory environment”.

However, he stressed that the “regulator must tread a fine line” between supporting crypto and making sure the island’s reputation remained intact.

He said that the island’s reputation was “massively important for the financial services industry” and any emerging fast pace sector needed to be carefully regulated.

Mr de la Haye founded BlockWise to consult with businesses in Jersey on crypto technology.

He launched his company with the help of Digital Jersey’s Tech Start Up Bootcamp.

“Having more companies creating new financial products and services related to blockchain and cryptocurrency would be really exciting,” he said.

Mr Laity mentioned there was actually a number of exercise in Jersey, so there was no motive why the variety of cryptocurrency start-ups couldn’t improve.