Guernsey: crypto & digital assets regulation

Regulated

Guernsey VASP licensing via GFSC under Proceeds of Crime Law 2020

Lead regulator: Guernsey Financial Services Commission (GFSC)
Also involved: None identified
Core law: Proceeds of Crime (Supervision of Bodies and Arrangements) (Bailiwick of Guernsey) Law 2020
Entry capital: No statutory minimum capital specified
Approval timeline: —
Customer assets: Licensed custodian only
Data protection: Data Protection (Bailiwick of Guernsey) Law 2017 · Data Protection Authority
Sandbox: No

Guernsey regulates Virtual Asset Service Providers (VASPs) as specified businesses under the Proceeds of Crime Law 2020. The GFSC is the primary supervisor, requiring firms to obtain a license and adhere to strict AML/CFT standards outlined in the GFSC Handbook. The regime is aligned with FATF recommendations and has seen recent updates to audit and risk assessment requirements.

Which licence do you need?

Your activity	Requirement	Capital	Timeline	Authority
Exchange / trading platform	LicenceVASP License^{[1][2][3][4][5][6]} Requires VASP license under Proceeds of Crime Law 2020	—	—	GFSC
Custody of client assets	LicenceVASP License^{[1][2][3][4][5][6]} Requires VASP license under Proceeds of Crime Law 2020	—	—	GFSC
Token issuance / public offering	Uncertainverify with regulator Unclear if token issuance alone triggers VASP status	—	—	—
Broker-dealer / OTC desk	LicenceVASP License^{[1][2][3][4][5][6]} Requires VASP license under Proceeds of Crime Law 2020	—	—	GFSC
Stablecoin issuance	Uncertainverify with regulator Unclear if stablecoin issuance alone triggers VASP status	—	—	—
Crypto payments acceptance	LicenceVASP License^{[1][2][3][4][5][6]} Requires VASP license under Proceeds of Crime Law 2020	—	—	GFSC
Mining / staking services	Uncertainverify with regulator Unclear if mining/staking alone triggers VASP status	—	—	—
Advisory / portfolio management	Uncertainverify with regulator Unclear if advisory alone triggers VASP status	—	—	—

New — what changed recently

2026-07-07Record of Changes to the Handbook on Countering Financial Crime (AML/CFT/CPF) — Documented amendments to the AML/CFT/CPF Handbook, including new requirements for VASPs and refined definitions for compliance officers.^[1]
2026-05-08Record of changes to the Handbook on Countering Financial Crime (AML/CFT/CPF) — Recorded amendments to the AML/CFT/CPF Handbook, including new rules for VASPs and alignment with international standards.^[3]
2025-05-12Consultation Paper on The Lending, Credit & Finance Rules, Guidance and Implementation — Consultation on new regulatory framework for consumer credit providers and finance businesses, introducing mandatory licensing.^[7]
2025-05-08Feedback on Consultation Regarding Amendments to Schedule 3 on Independent Audit, Business Risk Assessments and VASPs — Final rules and guidance amending Schedule 3 of the Proceeds of Crime Law to require independent audit functions and enhanced business risk assessments for VASPs.^[8]
2025-05-08Feedback on Consultation regarding AMLCFT Obligations for VASPs and Licensed Trustees — Final guidance clarifying independent audit and business risk assessment requirements for VASPs and licensed trustees under Schedule 3 of the Proceeds of Crime Law.^[9]

Market-entry checklist

1Apply for VASP LicenseSubmit application to GFSC under the Proceeds of Crime Law 2020.
2Implement AML/CFT FrameworkEstablish risk-based AML/CFT policies per GFSC Handbook.
3Appoint Compliance OfficerDesignate a qualified compliance officer as required by the Handbook.
4Establish Independent AuditSet up independent audit function per amended Schedule 3 rules.
5Conduct Business Risk AssessmentPerform enhanced business risk assessments including predicate offences.

Sources

This guide is compiled automatically from 9 primary-source documents published by Guernsey's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.