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....
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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....
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....
Jersey is an island off of the coast of Normandy with a self-governing government but still autonomously attached to the United Kingdom. Much like the Isle of Man, Jersey has been seen as one of the safe havens for digital currencies. It has led a lot of people working on financial and technological innovation to settle their business there. The island is interested in securing its future in the emerging world of digital currency and how it could benefit their community. By taking this in mind, the Island government is pushing forward with plans to regulate and establish legislation for....
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....
Bitcoin ATM operator QwikBit announced that it has accepted delivery of its first batch of Lamassu bitcoin ATMs. QwikBit says the first units have already arrived in the Isle of Man. The machines will be distributed on the island and further afield in the UK. The first locations have already been secured and the company is in talks with Isle of Man regulators about the rollout. UK rollout coming soon. QwikBit is incorporated in the Isle of Man, and remains confident that local regulators will approve its plans. "We've been looking forward to the arrival of our first batch of Bitcoin AVMs....