Isle of Man Preparing to Pass Digital Currency Regulatory Framework

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....

As Bitcoin businesses continue to hunt down the ideal places for their unceasing habitation, their feet might get some rest on the soil of the Isle of Man. The self-governing British Crown nation is just inches away from passing new regulatory framework for digital currency businesses that could literally give the US a run for their 'Bitcoin'. As Business Insider reported, this place possesses the rightest legal infrastructure to implement the next-generation payment systems without breaking a sweat, a modern gospel truth that could make Isle of Man "a true paradise for digital currencies"....

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....

In March, Bitcoin Magazine reported that the Isle of Man wants to become a leading Bitcoin hub. The government of the tiny island is pushing forward a new regulatory framework to create a true paradise for digital currencies. Bitcoin Magazine spoke with Brian Donegan, Head of Operations for Digital Development and eBusiness at the Isle of Man Department of Economic Development. Donegan confirmed that the island, a self-governing British Crown dependency located in the Irish Sea between Great Britain and Ireland, is gearing up to become the ideal environment for digital financial technology....

The Isle of Man, a tax haven and small British crown dependency in the middle of the Irish Sea, announced plans Tuesday for developing a framework for the regulation of digital currencies on the island. This would classify digital currencies as property and appropriate anti-money laundering controls to local businesses that dealt in such currencies. “The government has instructed the relevant departments and statutory bodies to ensure there is a regime that promotes both business opportunities but also applies appropriate anti-money laundering requirements,” said Peter Greenhill, director....