Isle of Man contemplates including crypto under 'investment' definition
Crypto firms operating on the island would have to meet the qualification requirements for investment business, which were not designed for the crypto market.
The Isle of Man, a self-governing British Crown Dependency and a renowned offshore financial center, opened a public consultation on the future of its crypto regulation.
On Feb. 13, the local Financial Service Authority (FSA) published a discussion paper on the oversight of “certain crypto-asset activities” for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes.
According to the press release, the Island’s National Risk Assessment identifies crypto-related business as posing significant AML/CFT risks, and this needs tighter regulation, although currently, the “majority of crypto firms” on the island are already registered and supervised for compliance with AML/CFT legislation.