Isle of Man is well known across the world as being one of the best regulators in terms of iGaming and financial businesses and now they also welcome Bitcoin businesses to their island, as long as those can ensure that they will follow the rules and regulations that will be put on their companies.
"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", E-Business Development Manager, Peter Green to City A.M.
The government of Isle of Man has given clear instructions to the necessary bodies regarding Bitcoin businesses, ensuring that they follow the anti-money laundering laws and requirements. All changes in the cryptocurrency market will be followed at all times, to ensure that the rules will be updated when needed.
"The Isle of Man is synonymous not only with innovation, but for a regulatory environment that is both effective and pragmatic" Said Isle of Man Minister for Economic Development, John Shimmin. "We will work with the business community in the coming months to ensure that a proportionate and appropriate regime is implemented that meets international standards"
The government clearly states though that it does not intend to regulate cryptocurrencies as such, but instead just make sure that the companies will always follow the money laundering rules and regulations like any other business in the island does.