Isle of Man finalises digital regulation in new guidelines

Specifically, the administrative region revealed how it would approach the regulation of blockchain activity.

As a result, the Isle of Man Financial Services Authority (IOMFSA) is taking what it has described as a “neutral approach.”

In a new guidance paper, IOMFSA details how and it would regulate when it comes to blockchain and crypto industries.

For starters, all entities undertaking activity in crypto assets and tokens, and that have characteristics of securities or electronic money will come under scrutiny.

Cryptocurrencies such as Bitcoin and Ether won't require financial licences, but they would have to be registered with IMOFSA and further comply with anti-money laundering and countering the financing of terrorism prerequisites set out by the regulator.

The publication of the guidelines would now allow Isle of Man to shape itself as a leader in crypto regulation in Europe, something that the Malta Gaming Authority (MGA) wanted to do but has lately fallen behind with.

We recently reported on why casinos might be set to turn away from Malta.

Meanwhile, Digital Isle of Man regulatory lead Steve Billinghurst was thrilled at the progress achieved and welcomed the adoption of specific regulatory guidelines and measures.

With the arrival of a clear-cut set of rules, many initiatives will have a free hand in rolling out their full product.

Much hope has gone in Bitcoin SV as the most reliable and easily scalable network out of all cryptocurrencies.

Bitcoin Association Founding Partner Jimmy Nguyen has previously expressed hopes that Bitcoin will be a driver of positive change in the gambling industry.

Many casinos today already accept cryptocurrencies as viable tokens, including Bitcasino, 1xBit, and FortuneJack.

Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.

Similar News