Guernsey Post has called off the planned release of cryptocurrency stamps after concerns were raised by the financial regulator.

It said the stamps did not meet the requirements of the Lending, Credit and Finance (Bailiwick of Guernsey) Law 2022.

The postal service said the Guernsey Financial Services Commission considered the collection to be a virtual asset.

Featuring Billy and Nanny the golden Guernsey goats, the collection was initially due to be released on 24 July.

Guernsey Post said the stamps would instead be launched as a miniature sheet containing two traditional postage stamps.

Boley Smillie, chief executive of Guernsey Post said: “Our proposed crypto stamps have been considered to be a virtual asset by the Guernsey Financial Services Commission and that means they would be unlikely to licence Guernsey Post for the sale of this type of product.

“Unfortunately, this opinion was not consistent with the legal advice that we received on the matter, but we have chosen to launch the Guernsey goat stamps in a different way.”