Interactive DIGITAL CURRENCIES
Moves to control digital currencies
The Department of Economic Development recently announced that the Isle of Man intends to take specific actions aimed at helping protect businesses and customers utilising digital currencies and provide an environment for high-quality businesses in this rapidly emerging field who wish to operate there.
‘The Isle of Man recognises both the risks and opportunities presented by digital and virtual cur- rencies,” said The Department’s Director of E- Business Development Peter Greenhill stated. “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 depart- ments and statutory bodies to ensure there is a regime that promotes both business opportunities but also applies appropriate anti-money launder- ing requirements.
“Our stance is intended to welcome those who can meet the necessary standards while also preserv- ing the Island’s good reputation as a financial cen- tre. We will work with the Isle of Man Financial Supervision Commission, Department of Home Affairs and industry to ensure a fair and appropri- ate regime is implemented. This is not at this stage expected to embrace a full prudential suite of requirements, so consumers will need to be aware of this when making their decisions.
“While it will take a period of time to instigate, it is a clear demonstration of the Isle of Man’s com- mitment to keep abreast with market develop- ments but also maintain its international respon- sibilities. 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
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undertake activities that are regulated under existing regulations, we will expect them to com- ply fully.’
The Minister for Economic Development John
Shimmin MHK commented: “I welcome this move to create a framework for the regulation of digital currencies. The Isle of Man is synonymous not only with innovation, but for a regulatory envi- ronment that is both effective and pragmatic.
“With this announcement the Isle of Man rein- forces 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.
“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. We anticipate other jurisdictions will follow the Isle of Man’s lead.”
In an interview with Mr. Greenhill, G3 asked the IOM’s Director of E-Business to directly address the issues surrounding digital currencies and explain what measures are being taken.
What is the Isle of Man doing? We are looking to recognise digital currencies as a property, rather than a currency, and apply the appropriate anti-money laundering controls that
Peter Greenhill, CEO, e-Gaming Development at Isle of Man Department of Economic Development.
Peter Greenhill moved to the Isle of Man in July 2013 to take up the position of CEO of e-Gaming for the Isle of Man Government’s Department of Economic Development. Following a very successful career in banking and banking systems with Credit Lyonnais, GE and Unisys, Peter has spent over 17 years in executive management positions in the gaming sector. He has provided solutions to lotteries worldwide whilst with EssNet AB and Betex and to the major European casino and betting operators whilst MD of both Cyberview UK and TCSJohnHuxley Europe.
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