Report: Isle of Man to regulate digital currencies

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Isle of Man flag.

Isle of Man flag.

Located mere miles of the coast of Scotland, the self-governing British Crown Dependency Isle of Man has long served as a haven for those wanting to escape regulatory forces of the U.K. With virtually no taxes, the country has also attracted several companies who make their profit in various forms of arbitrage, including a healthy number of currency and precious metal traders. In recent months, many of those companies have been exploring the benefits of cryptocurrencies, and the Manx government has thus far been very open to exploring the idea.

This week, the Isle of Man’s Department of Economic Development (DED) will reveal new rules for digital currency-using companies. The move is widely seen as being the first truly pro-bitcoin regulation.

Speaking with CoinDesk, DED Director of E-Business Development Peter Greenhill said: “The Isle of Man recognises both the risks and opportunities presented by digital and virtual 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.”

The new regulations will not stand on their own, but will instead be added to two existing laws: the Proceeds of Crime Act 2008; and the Designated Business (Registration and Oversight) Bill 2014.

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