Isle of Man eBusiness Chief: Bitcoin Legislation Coming This Year

The story of bitcoin on the Isle of Man has been one of fits and starts.
Bursting onto the scene as a favorable jurisdiction for bitcoin at a time when global regulators were largely taking a reactionary approach to the digital currency, the self-governing British crown dependency won quick acclaim from prominent members of the ecosystem.
By September, however, doubt was cast on the viability of its initiatives when key banking channels available to startups were abruptly severed during a high-profile conference.
Undeterred, the Isle of Man is seeking once again to make the case that it can provide a safe haven for digital currency projects, and in the process, spur the kind of economic boom it saw arise from its early embrace of online gambling and electronic gaming.
Speaking to CoinDesk, Brian Donegan, the Isle of Man’s head of operations for digital development and e-business, asserted that the government is still moving aggressively to put key measures in place that would help the region’s budding digital currency industry thrive.
Donegan said:
‘The Proceeds of Crime Act, an existing piece of legislation from 2008, is being amended to embrace bitcoin and digital currencies generally. That proposal is in hand as we speak and due to be laid in front of our parliament for approval later on this year.’

This post was published at Coin Desk on February 3, 2015.