Legislators in the States of Jersey, a British Crown dependency, are adjusting the laws to regulate digital currency exchange activities.

In 2015, Jersey authorities announced they are planning to introduce a legislation that would pave the way for the creation of a regulation system for certain service providers.

Then last week, the State Assembly published a government order that exempts digital currency exchanges from registration requirements if their annual turnover is less than £150,000. But those who will go over that annual amount will be required to notify the Jersey government within three months or face potential sanction.

“Article 4 makes transitional provision for the case where turnover first exceeds £150,000, so that a person carrying on such a business will not be criminally liable if, within a period of three months beginning with the day on which the turnover reaches or exceeds that figure, the person makes an application for registration under the 2008 law,” the government order stated.