The Isle of Man is a self-governing British Crown dependency located in the Irish Sea between the islands of Great Britain and Ireland. While the United Kingdom is responsible for the island’s defense and foreign policy, the local parliament and government have power over all domestic matters. Business regulations and tax incentives are domestic matters, so the island has the freedom to pass innovative legislation and tax incentives to attract digital Fintech companies and professionals.
The new regulatory framework for digital Fintech will be informed by the same principles, and may permit restoring the support of UK banks that in 2014, scared by the volatility of Bitcoin, stopped working with the digital currency industry on the island.
The Proceeds of Crime Act, which has been altered to account for digital currencies, is expected to come into force at the start of April 2015. A new legislation, the Designated Businesses Bill, will regulate the activities of businesses responsible for holding sums of money, including Bitcoin exchanges.
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