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Isle of Man – Isle of Man to bring in bitcoin

The Isle of Man’s Department of Economic Development is bringing in new regulations to regulate bitcoin as an online currency.

It wants to create a safe economic environment free of illegal money laundering and will be introduced gradually.

DED officials 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…We anticipate that this market will develop and change rapidly and, as a result, we will keep market changes under review and with a view to consider future regulatory regimes as required. Of course, if any business were to undertake activities that are regulated under existing regulations, we will expect them to comply fully.”

John Shimmin, Minister for Economic Development, added: “The Isle of Man is synonymous not only with innovation, but for a regulatory environment that is both effective and pragmatic.”