The Isle of Man Financial Services Authority (IOMFSA) has published guidance setting out its position regarding the applicability of financial regulatory requirements to cryptocurrencies and tokens issued using blockchain technology, as per a release shared with CryptoSlate.
The guidance has been developed in partnership with Digital Isle of Man, an Executive Agency of the Department for Enterprise.
Greater clarity around Bitcoin and crypto
Under the terms of the guidance, businesses and entrepreneurs looking to set up crypto- and blockchain-related ventures on the island receive greater clarity on the various regulations involved and the relevant laws around cryptocurrencies themselves.
The two main takeaways of the guidance are as follows:
- The IOMFSA looks to substance rather than form: it will regulate entities undertaking an activity with cryptocurrencies and tokens that have the characteristics of securities or electronic money to the same extent as if they were issued in other…
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