ISLE OF MAN WELCOMES CHANCELLOR’S REVIEW OF DIGITAL CURRENCIES

As the first jurisdiction in the world to announce the provision of government registration of legitimate digital currency businesses, creating a safe and regulated environment for companies operating in the industry, the Isle of Man welcomes Chancellor George Osborne’s announcement to investigate regulating the digital currency market.

Commenting on the announcement, Peter Greenhill, Director of e-Business Development at the Isle of Man Government’s Department of Economic Development, said, “On 10^th June this year, the Isle of Man announced the creation of a new framework for the regulation of digital currencies, and has been working with the Isle of Man Financial Supervision Commission, Department of Home Affairs and industry to ensure a fair and appropriate regime is being implemented. The Isle of Man is committed to consumer protection through the provision of a safe and well regulated environment and sees regulatory cooperation as integral to that aim. We therefore welcome the news that UK government is now examining whether Bitcoin and other virtual currencies should be regulated.”

Peter Greenhill

“The Isle of Man recognises both the risks and opportunities presented by digital and virtual currencies, and have 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. 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”.

On 17^th-18^th September this year, the Isle of Man will be hosting the inaugural Crypto Valley Summit event, sponsored by KPMG and attended by the global digital currency industry. Peter Greenhill commented: “In addition to the registration process that we are introducing we offer superlative energy and telecoms infrastructure and a high quality of life. As such, it only makes sense that we are putting on an event at which entrepreneurs can actually tackle some of the real issues behind creating and maintaining a strong digital currency business”.