[03-26-2015] Bitcoin Regulations: Isle Of Man & Hong Kong

[waawd]

http://btcfeed.net/news/bitcoin-regulations-isle-of-man-hong-kong/

The Isle of Man is taking digital currency regulation head-on, as of April 1st: all cryptocurrency businesses will have to comply with the new amendments to the Proceeds of Crime Act 2008. The new additions require all digital currency related businesses to start complying with existing anti-money laundering legislation (AML). All bitcoin related exchanges will fall under the supervisory authority of the Financial Services Commission (FSC):

[CoinCornerMolly]

Hi waawd! Molly here from CoinCorner (www.coincorner.com) - a Bitcoin business based on the Isle of Man. Thanks for sharing this link - we're excited to be part of this venture by the Isle of Man Government in to the cryptocurrency industry. CoinCorner is actually the first cryptocurrency company in the world to fall under the Proceeds of Crime Act on the Isle of Man - having the Government formally acknowledge cryptocurrency is a global first! We're excited - we hope you are too! Molly

[Unkle]

Well I would have thought complying with aml kyc laws was standard. Not exactly going to sit back and let people launder their money tax free with bitcoin. I think regulations are good for bitcoin overall as longs as they're not overly complex or restrictive.

[bryant.coleman]

This will create more complexities for the Bitcoin-based businesses. Most probably, there will be KYC requirements and other legal formalities, which will scare away the potential customers.