Isle of Man allows crypto businesses to operate remotely

The Isle of Man has introduced remote licensing and will allow companies to operate remotely during the pandemic, with the intention of them establishing a physical presence later instead of forcing immediate relocation.

Digital Isle of Man regulatory lead Steve Billinghurst has confirmed that the recent measure is designed to enable businesses to not shy away from being transparent about their businesses without sacrificing growth momentum.

The island has reaffirmed its stance as the world's leading regulatory jurisdiction for crypto companies, ranging from promising new startups to gambling-oriented firms.

The jurisdiction has been regulating crypto for years, looking to establish a satisfactory framework that gives crypto projects sufficient legal leeway while holding them to account and ensuring customer protection.

The Isle of Man Financial Services Authority (IOMFSA) has introduced the “subject to” registration, which will give crypto companies a little more confidence when choosing to relocate to the island.

This has been embraced by many companies, including SolutionsHub. CEO Lee Hills has welcomed the move. “The Isle of Man continues to set the standard when it comes to the regulation of emerging digital sectors, not least Distributed Ledger Technology,” he said.

More importantly, crypto businesses need a jurisdiction that will accept them and not promise a safe environment to work in on the one hand, and then regulate them out of business on the other.

To develop quality crypto businesses, many companies such as BitStarz, 1xBit, and Bitcasino.io, all leading Bitcoin casinos, have chosen to operate either from Curacao and Isle of Man.

With the new decision by the Financial Services Authority, however, Isle of Man has a clear advantage in attracting new bidders for the island's licenses.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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