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Isle of Man Plans Digital Currency Regulations

The isle of Man’s Department of Economic Development says it is looking to protect businesses and individuals using digital currencies that wish to operate there and will examine new regulations for digital currency use.

The Isle of Man wants to protect users of digital currencies and provide an environment conducive to their use.

The Department’s Director of E-Business Development Peter Greenhill stated:

‘The Isle of Man recognizes both the risks and opportunities presented by digital and virtual currencies,” said Peter Greenhill, the department’s director of e-business development. “We are conscious of issues that have surrounded these activities but also can identify serious and credible entrants to the market wishing to explore this innovative technology.

“Therefore, 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,” he said. “Our stance is intended to welcome those who can meet the necessary standards while also preserving the Island’s good reputation as a financial center.”

Minister of Economic Development John Shimmin MHK said the Isle hopes to be a center for virtual currencies and e-commerce.

“I welcome this move to create a framework for the regulation of digital currencies,” he said. “The Isle of Man is synonymous not only with innovation, but for a regulatory environment that is both effective and pragmatic. With this announcement the Isle of Man reinforces its status as a jurisdiction that welcomes well-controlled and compliant businesses while sending a clear message to those who would seek to operate outside the law that we are open for good business only.”