On 26 October 2015 the Isle of Man instigated initial legislation to regulate Crypto Currency making it one of the first jurisdictions in the world to do so, second only to New York whose rather disastrous attempt in August 2015 resulted in the loss of numerous Bitcoin businesses.
The Isle of Man has over thirty years of unbroken growth in its economy and much of this success is attributed to its ability to capitalise early on financial and technological niches such as eGaming and now Crypto Currency.
Crypto Currency is a recent development having only been founded in 2009 and therefore is still in the process of evolving, making detailed legislation not possible at this stage due to its volatile advancement. The Isle of Man believes that due to its established and yet adaptable regulations it is more than capable of providing solutions in this infant industry. Its initial steps to providing legislation and oversight in order to attract serious players to the island appear to have been successful with Isle of Man hosting the Crypto Valley Summit where over one hundred and seventy professionals attended in order to make decisions on the future of digital currencies.
This legislation reaffirms the commitment of the British Crown Dependencies to embracing and adapting much more quickly to changes in the financial environment than many of the world powers with Jersey also accepting Crypto Currencies having set up the World’s first bitcoin fund last year.