Who is the regulatory authority in Jersey?

Jersey Financial Services Commission

What is the minimum threshold for the Crypto Travel Rule in Jersey?

1000 EUR

https://www.jerseyfsc.org/industry/guidance-and-policy/travel-rule-guidance-note/

3.7   Out-of-scope transfers

3.7.4   Transfers of funds not exceeding EUR 1,000 unless there are reasonable grounds for suspecting that the funds to be transferred are connected to money laundering or the financing of terrorism.

What personally identifiable information must VASPs collect and share for the Crypto Travel Rule in Jersey?

3.4   Required information to accompany an inter-VASP transfer

3.4.1   It is expected that the originator VASP ensure the following information accompanies transfers:

3.4.1.1   The name of the originator and the beneficiary

3.4.1.2   Where the originator or beneficiary is a legal entity, their registered or trading names

3.4.1.3   The account number of the originator and the beneficiary, or other unique transaction identifiers

3.4.1.4   The transaction hash number (every transaction that occurs on the blockchain is recorded as a block, and each block has a unique hash)

3.4.2   additionally, where the originator is an individual, one of the following:

3.4.2.1   Customer identification number

3.4.2.2   Address

3.4.2.3   Birth certificate, passport number, or national ID card number (or individual's date and place of birth)

3.4.3   where the originator is a legal entity, one of the following:

3.4.3.1   Customer identification number

3.4.3.2   Address of originator's registered office (or principal place of business)

Are there differences in customer PII requirements for cross-border transfers versus transfers within Jersey?

No. But currently VASPs are only expected to comply with the Travel Rule when sending or receiving virtual assets to/from a VASP that is in Jersey or any jurisdiction that has implemented the Travel Rule. 

What are the non-custodial or self-hosted wallet requirements in Jersey?

4.1.1   This is general guidance until Regulation (EU) 2023/1113[4] applies to transfers of virtual assets on 30 December 2024.

4.2   Transfers to/from unhosted wallets

4.2.1   Definition of an unhosted wallet: a wallet not hosted by a VASP.

4.2.2   Jersey VASPs should adopt a risk-based approach when dealing with unhosted wallet transfers.

4.2.3   In arriving at the risk rating from an unhosted transfer of virtual assets the VASP may take into account:

4.2.3.1   The purpose and nature of the business relationship with the owner of the unhosted wallet.

4.2.3.2   The jurisdiction (if known) of the unhosted wallet.

4.2.3.3   The value and/or frequency of the transfer(s)/linked transfers to/from the unhosted wallet

4.2.3.4   Outputs from Blockchain Analytics solutions detailing any association of the unhosted wallet with illicit activities.

4.2.4   In higher risk cases, VASPs should also consider further steps to verify the ownership and control of the unhosted wallet.

4.2.5   Where a VASP does not obtain sufficient information to be comfortable with the ownership and control of the unhosted wallet the transferred virtual assets should not be made available to the intended beneficiary.

Why choose Notabene for crypto Travel Rule Compliance in Jersey?

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