Isle of Man Working Toward Digital Currency Regulation

Published June 17, 2014 by OCR Editor

Isle of Man Working Toward Digital Currency Regulation

Isle of Man plans to begin developing a framework for digital currency regulation.

The Isle of Man's Department of Economic Development announced last week that it is planning to develop a framework for the regulation of digital currencies on the island. The actions which the government is meaning to take are said to be aimed to help and protect businesses and customers who will utilize digital currencies; this in the overall goal of providing a supporting environment of high-quality businesses in the field.

Speaking on the matter, the department's director of e-business development Peter Greenhill said: "The Isle of Man recognises both the risks and opportunities presented by digital and virtual currencies."

Greenhill explained that the government aims to promote digital currency opportunities for businesses in the island which is a preferred tax haven, but at the same time it would have statutory bodies to keep a close watch and ensure businesses will stand up to tight anti-money laundering requirements.

Will Other Jurisdictions Follow?

Minister of Economic Development, John Shimmin MHK said that the announcement reinforces the Isle of Man's status as a jurisdiction that welcomes well-controlled and compliant good businesses. "We will work with the business community in the coming months to ensure that a proportionate and appropriate regime is implemented that meets international standards," Shimmin said, hinting that the Isle expects others will follow suit: "We anticipate other jurisdictions will follow the Isle of Man's lead."

Framework Development Already Underway

This framework is currently in the works and one of its immediate implications is an event scheduled to takes place this week on the island, set explore the opportunities of Bitcoin with the aid of speaker and industry expert Paul Davis, founder of the Manx Digital Currency Association. Time will tell if this decision will open the door for digital currencies in other jurisdictions.  

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