Isle of Man Introduces Regulation for Bitcoin Businesses
Digital currency businesses will have to comply with the Isle of Man's anti-money laundering (AML) laws from 1st April and will likely fall under the remit of the Financial Services Commission from the summer. The Isle of Man government has amended the Proceeds of Crime Act 2008 so it covers bitcoin companies, such as exchanges, operating from the island. Amendments to the act have been approved and state the following businesses will have to adhere to AML requirements: "[Those in] the business of issuing, transmitting, transferring, providing safe custody or storage of, administering,....
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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....
Isle of Man will create a cryptocurrency businesses register using block chain Technology. To do so, they are working with Pythia Ltd. The Isle of Man Government's Department of Economic Development is looking to create a stand-alone register of Island-based digital currency businesses. In order to do so, they are using the protocol of a local block chain service provider, Pythia Limited. The Isle of Man is known as a safe haven for digital currency businesses. They welcome new ventures in this field as long as their operations are legal. The decision to create a stand-alone register fits....
Bitcoin AVM (automated vending machine) operator QwikBit today announced that they have taken delivery of a first batch of bitcoin AVMs manufactured in Portugal by Lamassu for an eventual distribution on the Isle of Man and in the United Kingdom. We've seen many of these Lamassu devices make their debut over the past year, but the location in which these particular machines will be placed is fitting. That's because the Isle of Man is hoping to become a hot spot for bitcoin activity. A number of businesses on the Isle have already committed to helping bitcoin businesses get started, as we....
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....
Known as the Bitcoin Island, the Isle of Man is turning its attention to blockchain to boost its FinTech and digital payments sector as it continues its efforts at establishing digital businesses on the island. After the Isle of Man’s Gambling Supervision Commission (GSC) and Treasury approved changes to the island’s gambling regulation last year, allowing currencies such as bitcoin to be accepted as cash, the island is hoping the adoption of blockchain applications will give the island the push it needs to further establish itself. Brian Donegan, from the Isle of Man Government Department....