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.
