Isle of Man authorities publish guide on Bitcoin and crypto businesses

The Isle of Man Financial Services Authority (IOMFSA) has published guidance that sets out its position regarding the applicability of financial regulatory requirements to cryptocurrencies and tokens issued using blockchain technology, according to a statement shared with CryptoPasion. The guide has been developed in association with Digital. Isle of Man, Executive Agency of the Department of Business.

Greater clarity around Bitcoin and crypto

Under the terms of the guide, companies and entrepreneurs seeking to establish cryptocurrency and blockchain-related businesses on the island are given greater clarity on the various regulations involved and the relevant laws around cryptocurrencies themselves. The two main conclusions of the guide are the following: The IOMFSA looks for the fund instead of the form: it will regulate the entities that carry out an activity with cryptocurrencies and tokens that have the characteristics of securities or electronic money to the same extent as if they were issued in other ways. Tokens that are outside the regulatory perimeter, including cryptocurrencies such as Bitcoin and Ether, do not require financial services licenses, but must be registered with IOMFSA as “designated companies” and comply with anti-money laundering and anti-money laundering requirements. financing of terrorism.

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The ‘Accelerated’ Crypto Industry

A series of frequently asked questions has been published along with the guide, clarifying IOMFSA’s opinion on a number of common questions posed by those who approach Digital Isle of Man or IOMFSA regarding DLT-related businesses. These FAQs will be updated periodically. Steve Billinghurst, Digital Isle of Man regulatory lead, said in a statement:

“The publication of this guide is an important milestone, marking the culmination of a period of close cooperation between us and the IOMFSA.”

He added that there is “much more to be done” as the regulatory environment on digital tokens and cryptocurrencies continues to develop in major jurisdictions. Billinghurst noted that Digital Isle of Man continues to keep a close eye on developments and, through a series of discussions with the industry. interested parties, we will submit new proposals, for their consideration, to the IOMFSA. In the meantime, industry support has been demonstrated by DQ Advocates, MannBenham and Quinn Legal who have welcomed the initiative on the Isle of Man. They also added that the guidance issued demonstrates IOMFSA’s interest in the area. “Burgeoning and fast-paced” of cryptocurrencies.

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