Isle of Man - Business and Regulation

Isle of Man - Business and Regulation

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....


Related News

Isle of Man Gov’t Grants ‘Designated Business’ Title to CoinCorner

The Isle of Man has been quite open to any company or individual looking to venture into the world of Bitcoin and cryptocurrency. CoinCorner is the first company in the region to achieve Designated Business Status as the company is now officially licensed. The Isle of Man has introduced an Act in October of 2015, which would ensure companies in the area....

Isle of Man Outlines Plans for Digital Currency Regulation

The Isle of Man's Department of Economic Development is set to introduce controls on digital currencies such as bitcoin. Designed to protect businesses and customers using digital currencies, the controls will also provide an environment that enables companies operating within the space to flourish. Peter Greenhill, the department's director of E-Business Development, said: "The Isle of Man recognises both the risks and opportunities presented by digital and virtual currencies." He added: "The government has instructed the relevant departments and statutory bodies to ensure there is a....

A Bitcoin Chat With CoinCorner CTO Danny Scott

CoinCorner recently became one of the first Designated Business title holders in The Isle of Man. As the Bitcoin company is now officially compliant with regulation, the time has come to look at what users can expect in the future. CoinCorner CTO Danny Scott Talks Business. We recently had a chance to ask the CoinCorner team some questions regarding the....

New Conference to Highlight Isle of Man's Growing Bitcoin Economy

Lieutenant Governor and the British Queen's personal representative Adam Wood is set to headline the first annual Crypto Valley Summit on the Isle of Man next month. The event, set for 17th and 18th September, will spotlight a diverse crowd of bitcoin thinkers, government representatives and business leaders will include BTC China founder and CEO Bobby Lee, House of Keys Member John Shimmin and GoCoin CEO Steve Beauregard. Discussions will focus on local regulation, adoption within the community, and the unique challenges that startups may face in the local economy. Peter Greenhill,....

Pro Bitcoin countries: Isle of Man.

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....