26 Mar Isle of Man introduces digital currency legislation
Bitcoin-friendly Isle of Man delivered on its promise to apply anti-money laundering (AML) legislation to digital currency businesses. On 17 March 2015, amendments were passed to its Proceeds of Crime Act so that Bitcoin businesses will have the same AML responsibilities as lawyers, acountants and real estate agents. The scope of activites covered is broad. From 1 April 2015, anyone on the Isle of Man engaged in the “business of issuing, transmitting, transferring, providing safe custody or storage of, administering, managing, lending, buying, selling, exchanging or otherwise trading or intermediating convertible virtual currencies” must comply with the Island’s AML framework. Also, from this Summer, digital currency businesses will be subject to registration and oversight by the Isle of Man Financial Services Commission (FSC) when the Designated Businesses Bill, which completed its passage through the Island’s legislature on 24 March, receives Royal Assent and the FSC becomes the supervisory authority for AML. Taken together, these measures can only be positive for Bitcoin businesses struggling to gain credibility and legitimacy with banks and consumers. With other changes currently taking place in the sterling clearing systems, the prospect of bank accounts for digital currencies takes a step closer. For more information about doing business on the Isle of Man, contact firstname.lastname@example.org.