Isle of Man Doesn't Require Bitcoin Licenses
The Isle of Man (flag shown) could be a haven for Bitcoin exchanges. Isle of Man, the British dependency, could offer an isolated paradise for cryptocurrencies. The Financial Supervision Commission (FSC) ruled that many of the island's licensing laws do not apply to Bitcoin, CoinDesk reports. This hands-off approach might signal the birth of a friendly relationship between the island government and novel Bitcoin-inspired payment systems. According to Robert Paul Davis, the General Counsel for Canadian-based payment processing service Counting House Group, the FSC acknowledged that a....
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The Isle of Man is known for having a bitcoin-friendly exterior in the world that seems so bent on regulating digital currencies. Through legislation allowing the exchange of digital currencies, they've poised themselves to be a haven for bitcoin enthusiasts. With the Isle of Man being so open to bitcoin, it only makes sense that businesses would begin to sprout up due to the acceptance. "The Isle of Man has a great government which is really progressive on many things," said James Carter, founder of ChainPay. "They really see the benefit of crypto, and how it's the way of the future in....
The second country that we will take a closer look at is the Isle of Man. The Isle of Man is nestled between Ireland, England,Wales and Scotland. It has been a haven for online gambling companies for a couple of years now. However The Isle of Man is looking toward the future like an open minded country should. There has been quite a storm about the Isle of Man’s decision to become a “pro digital currency”. Some have condemned this choice, while others applaud the innovative aspect and calling this step a “historical” one for digital currencies and Bitcoin in particular. To celebrate and....
The Isle of Man government has welcomed GreenCoinX, an identifiable cryptocurrency which is 80 percent owned by Toronto, Canada-based GreenBank Capital Inc. "We welcome the decision by GreenCoinX to establish its operations in the Isle of Man which reinforces our position as leading the way in the digital currency sector," said Isle of Man Chief Minister Allan Bell MHK. GreenCoinX has opened its European marketing and international treasury office in Douglas, Isle of Man, and has engaged the services of Alan Molloy as CEO of its Isle of Man operations. Molloy previously served as managing....
The Isle of Man's Department of Economic Development announced it's plans to bring regulations into the Bitcoin space that would help protect businesses and customers using digital currencies. "Our stance is intended to welcome those who can meet the necessary standards while also preserving the Island's good reputation as a financial centre." - Peter Greenhill (Isle of Man's Department of Economic Development Director of E-Business Development). The Isle of Man is choosing to recognize Bitcoin as property instead of currency and apply appropriate AML (anti-money laundering) controls to....
Marco Santori of the Bitcoin Foundation has a piece up on CoinDesk in which he explores money transmission licenses at the state level in the US. This, he argues, is much trickier than simple FinCEN registration. The state with jurisdiction ultimately decides whether to grant a business a license to transmit money. It’s not a right, and it’s no entirely predictable for a 50-state rollout. Also, because a business meets FinCEN’s definition of a money transmitter does not mean the same applies at the state level. South Carolina and Montana do not even require licenses for such companies, and....