Guernsey Regulator Releases Final Form Rules On Virtual Asset Service Provider & Consumer Lending Law

Introduction

The Guernsey Financial Services Commission (the “GFSC”) has issued The Lending, Credit and Finance Rules and Guidance, 2023 (the “Rules”) which govern businesses that will be regulated under the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCFL”) which regulates various virtual asset service providers (“VASPs”) and financial services businesses (“FSBs”) that were previously not regulated in Guernsey.

The GFSC consulted on a draft form of the Rules over the summer of 2022, and has also published feedback on that consultation.

This briefing is part of a series of briefings by Walkers on the LCFL. We will publish subsequent briefings on each of the licensing regimes in due course.