How to Buy Cryptocurrency in Guernsey
Buying cryptocurrency in Guernsey
Guernsey is known as a Crown Dependency of the United Kingdom and as a low-tax jurisdiction with a large financial sector. The Guernsey Services Commission, in charge of supervision and regulation of licensees from various sectors, made a statement in 2014, taking on a cautious approach towards virtual currencies, and declaring that it can deny application to register financial service businesses in cases where such currency is involved. Even so, the Commission’s policy consists of encouraging innovation. Cryptocurrencies are one of those innovations the Commission will continue to keep an eye on, along with the risks that accompany them. In 2015, The Guernsey government pointed out that the major obstacle for cryptocurrencies was the difficulty in adhering to international anti-money laundering standards. Several years later, the Guernsey Financial Services Commission issued another warning regarding the risks associated with cryptocurrencies, but recognized the investors’ appetite to invest in this developing sector.
As of 20/03/2021
These exchanges all accept customers from Guernsey. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options