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.