Jersey Island, a prominent offshore financial center, has clarified its approach to the taxation and regulation of crypto assets. Known for its low tax burden and clear regulatory framework, Jersey treats crypto assets as "assets" rather than legal tender, and does not universally classify them as securities or financial products. While a 5% Goods and Services Tax (GST) is in place, the tax authority has stated that the use of crypto assets as a means of payment does not constitute a taxable transaction.