Isle of Man is set to become a haven for cryptocurrency ventures beginning this year, according to its head of operations for digital development and e-business.
eBusiness Chief Brian Donegan shared in an online report that the Isle of Man government is presently working to amend The Proceeds of Crime Act of 2008 for the inclusion of regulations pertaining to Bitcoin and other cryptocurrencies.
He said the government is proactive in establishing a legal structure for the use of digital currencies as it sees it necessary for the success of the emerging industry built on this technology.
Bitcoin regulation can boost national income
The use of Bitcoin opens several opportunities in the market. It can be used in financial trading, retail businesses, online gaming, and many more.
Much like with the positive impact e-gaming had on the annual revenue, the digital currency industry is expected to generate the same effect. This solidifies the urge to enact the said regulation.
Since Isle of Man’s support for the e-gaming industry back in 2001, this sector has already registered a yearly profit of $20 billion, as per reports. This accounts for a significant value added to the overall income of the self-governing British Crown Dependency.
Although the amendment of the act has already begun, the exact date its regulation on the use of digital currencies will formally take effect is still unknown. Donegan, however, affirmed that it will take place not too long from now.
Legislation can positively impact the Bitcoin gambling industry
With the legislation set to be finalized soon, there is a growing demand for startups and established businesses involved in cryptocurrency to set up in Isle of Man.
This even presents a win-win situation for both the digital currency and the Bitcoin gambling industry to thrive, as well as to budding Bitcoin exchanges.
Given its acceptance of online gaming, Isle of Man is poised to attract the Bitcoin casino operators—new and old in the business—and later on, economically benefit from them.
However, Donegan said the challenge after the legislation is for the island to encourage UK banks to provide services again to digital currency startups and businesses on the island after the accounts of several startups were closed.
On another note, it is yet unknown if the Isle of Man government will treat Bitcoin gambling how the UK Gambling Commission does.
Meanwhile, Peter Greenhill, CEO of e-Gaming Development at Isle of Man Department of Economic Development shared his insights on the legal and regulatory issues concerning the gaming industry during the ICE Totally Gaming Conferences currently held at Excel London.