• About Us
  • Privacy Policy
  • Contact Us
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptounfold
No Result
View All Result
Home Regulation

Isle of Man authorities publish guidance on Bitcoin and crypto businesses

by admin
October 16, 2020
in Regulation
0
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter


Isle of Man authorities publish guidance on Bitcoin and crypto businesses

The Isle of Man Financial Services Authority (IOMFSA) has published guidance setting out its position regarding the applicability of financial regulatory requirements to cryptocurrencies and tokens issued using blockchain technology, as per a release shared with CryptoSlate.

The guidance has been developed in partnership with Digital Isle of Man, an Executive Agency of the Department for Enterprise.

Greater clarity around Bitcoin and crypto

Under the terms of the guidance, businesses and entrepreneurs looking to set up crypto- and blockchain-related ventures on the island receive greater clarity on the various regulations involved and the relevant laws around cryptocurrencies themselves.

The two main takeaways of the guidance are as follows:

  • The IOMFSA looks to substance rather than form: it will regulate entities undertaking 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 forms.
  • Entities undertaking certain activities with cryptoassets and tokens that fall outside the regulatory perimeter – including cryptocurrencies, such as Bitcoin and Ether  – do not require financial services licenses but must register with the IOMFSA as “Designated Businesses” and comply with Anti-Money Laundering and Countering the Financing of Terrorism requirements.

The “fast-paced” crypto industry

A series of FAQs has been issued alongside the guidance, clarifying the IOMFSA’s view on a number of common questions raised by those approaching Digital Isle of Man or the IOMFSA in respect of DLT-related businesses. These FAQs will be updated periodically.

Steve Billinghurst, the regulatory lead at Digital Isle of Man, said in a statement:

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

He added that there’s “plenty more to do” as the regulatory environment in digital tokens and cryptocurrencies continue 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 industry stakeholders, we will be bringing new proposals, for its consideration, to the IOMFSA.

Meanwhile, industry support has been shown from DQ Advocates, MannBenham, and Quinn Legal, who have all welcomed the initiative on the Isle of Man. They also added that the guidance issued demonstrates the IOMFSA’s interest in the “burgeoning and fast-paced” area of crypto finance.

Posted In: U.K., Regulation

Like what you see? Subscribe for daily updates.



Source link

Related Posts

What Did The Francophone Bitcoiners Recommend To The Central African Republic?

Crypto Industry Shows Some Love To New ‘Industry-Friendly’ Bill Regulating Digital Assets

Let’s Dissect McCormack’s “Follow The Money #1” Documentary, Pt. 3- Bukele

Incredible, the Central African Republic Actually Adopted Bitcoin. What Else Do We Know?

Popular

Press Release

A Multi-Currency Wallet For All Your Crypto Needs

by admin
June 29, 2022
0

CCTIP: A Multi-Currency Wallet For All Your Crypto Needs KOWLOON CITY, HONG KONG Tue Jun 28 2022 03:45:00 GMT-0400 (EDT)...

Read more

Fat Cat Killer ($KILLER) is now listed on Bitmart!

June 28, 2022

DeFi Skeptic Aspires to Make the Decentralized World Better Through Increased Transparency and Information.

June 28, 2022

Anchorage Digital to Introduce Ether Staking for Institutions as Move to PoS Approaches

June 29, 2022

Will emergence of this unique young Crypto star bring new hope for the Crypto world.

June 28, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptounfold.org

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptounfold.org

  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$49,095.002.28%
  • ethereumEthereum(ETH)$3,384.05-0.62%
  • HEXHEX(HEX)$0.1290085.45%
  • cardanoCardano(ADA)$2.18-2.77%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBinance Coin(BNB)$425.46-0.83%
  • SolanaSolana(SOL)$166.52-1.81%
  • rippleXRP(XRP)$1.04-1.73%
  • usd-coinUSD Coin(USDC)$1.000.74%