Isle of Man Clarifies Regulation for Digital Currency Businesses
The Isle of Man Financial Supervision Commission (FSC) has clarified the application of existing regulations on bitcoin. The FSC indicates that digital currency businesses will not be subject to a conduct of business or prudential regime by the commission unless they engage in activities regulated under the Financial Services Act of 2008, such as money transmission services. The commission warns that there is no such consumer protection for entrants into the digital currency market. It also notes that it is not the appropriate time to introduce such a regime until the market develops and....
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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....