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The Isle of Man, announced plans Tuesday for developing a framework for the regulation of digital currencies on the island.
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.
“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.”
“The Island’s Financial Regulator of the Financial Supervision Commission recently confirmed that an Isle of Man entity acting as a Bitcoin exchange where the payment processor was located outside the Island fell outside the current regulation. ..."
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