The Guernsey Financial Services Commission (FSC) has launched its Digital Finance Initiative (DFI), which aims to position Guernsey as a “trusted, agile, and forward-thinking” jurisdiction for digital finance innovation.

Guernsey FSC director general, William Mason, said the DFI would see the commission work to ensure that financial services legislation it administers is appropriately tuned to support innovations in digital finance.

To support this work, the Guernsey FSC set up a Digital Forum as a platform for collaboration and discussion, with the first roundtable events focused on tokenisation and stablecoin infrastructure having already taken place.

The forum will use roundtables and workshops to gather information from practitioners to inform the development of policy, which the commission will then formally consult on.

The DFI will also see the commission reviewing opportunities to improve the guidance within the Handbook on Countering Financial Crime, focusing on supporting firms using technology to combat financial crime.

Furthermore, the commission will be developing its current regulatory concierge service, which it said made clear that it welcomed early conversations to discuss licensing novel digital finance propositions.

“As the global financial services industry continues to evolve at ever-increasing pace in the realm of digital finance, it is more vital than ever that Guernsey continues to stay abreast of developments in this fast-evolving landscape,” commented Guernsey Finance chief executive, Rupert Pleasant.

“Guernsey is recognised globally as a forward-thinking, agile and above all trusted jurisdiction for financial services and this new initiative clearly signals that Guernsey is very much open for business and keen to continue innovating and thriving in the digital space.”

Innovate Guernsey board member, Susan Watson, added: “Innovate Guernsey is pleased to be a part of the DFI’s forum. Creating a space where regulators, government and industry can connect is essential if we are to identify barriers, share ideas and build the right conditions for innovation.

“We look forward to contributing to those discussions and helping to shape practical outcomes for Guernsey’s digital future.”

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