The economy agency located in Jersey called Digital Jersey has signed a Memorandum of Understanding (MoU) with the well-known crypto exchange Binance. The partnership ensures a compliance base and crypto exchange in Jersey.

According to the Press Release released on June 11, the agreed Memorandum of Understanding (MoU) between the two firms, Binance and Digital Jersey are aiming to develop a compliance base and crypto exchange on the island, Jersey.

Infact, the crypto exchange binance was certain on Digital Jersey for its well advanced digital infrastructure, first-class fintech sector and robust regulatory framework.

Binance CEO, Changpeng elaborated;

“With its local economy based on a major currency (GBP) as well as its close proximity to the UK and Western Europe. We are confident the cooperation with Jersey will not only benefit the local economy. But also form a strong operational foundation for our expansion into the rest of Europe”.

Recently, Binance was planning to establish its head office in the Malta, the European island with the new policies towards cryptocurrencies to operate there.

Moreover, Digital Jersey will be collaborating with the exchange to provide training on skills program and other services to support blockchain evolution in Jersey. It also supports Binance on anti-money laundering regulations and establishes license and banking relationships.

The Jersey Financial Services Commission and Government of Jersey will support Digital Jersey in developing DLT in fintech.

Tony Moretta, CEO of Digital Jersey 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. However, we look forward to collaborating with Binance to develop their exchange and compliance function in Jersey. And deliver blockchain training as part of our digital skills program and support the growth of new startups in this area”.

Further, this agreement between both the companies is hoping to create new jobs in the sector. Digital Jersey is working with Binance Foundation to establish training schemes that include digital skills, DLT, AI and regulatory compliance. Reportedly, Binance will be investing in the New Jersey-based startups through Binance Labs, the venture capital subsidiary.