Bitcoin Regulations Coming to Forward-thinking Isle of Man
As bitcoin gains ever more momentum, the small tucked away island of the Isle of Man has been quick to realize that new regulations are necessary when it comes to digital currencies.
The Island’s Department of Economic Development is hoping that the new regulations will enable business to thrive and will lend a much needed economic boost to the area.DED officials said, “Our stance is intended to welcome those who can meet the necessary standards while also preserving the Island’s good reputation as a financial center…
We anticipate that this market will develop and change rapidly and, as a result, we will keep market changes under review and with a view to consider future regulatory regimes as required…
Of course, if any business were to undertake activities that are regulated under existing regulations, we will expect them to comply fully.”
The regulations will be aimed at creating a safe economic environment free of illegal money laundering and will be introduced gradually.
John Shimmin, Minister for Economic Development described these moves as reflecting the Isle of Man’s proactive and liberal economic attitude, “The Isle of Man is synonymous not only with innovation, but for a regulatory environment that is both effective and pragmatic”.