Isle Of Man Makes Blockchain Regulations Clearer For Operators
Regulations of blockchain activities in the Isle of Man are a frequently discussed topic in gambling and cryptocurrency news. Now, everything has become clearer as operators have finally got guidelines.
IOMFSA (the Isle of Man Financial Services Authority) has published an official document with instructions on digital assets. It specifies how the authority will control this industry, which is very helpful for gambling firms and other blockchain industry participants that now understand where they need to register and how to be compliant with the law.
What information does the document include?
According to the official paper, the authority will control and regulate entities that are involved in the cryptocurrency vertical and own crypto assets. Entities that aren’t included in the regulatory framework only need to follow set rules that prevent money laundering and register in the IOMFSA system.
The issue of this guidance is a very important step as gambling companies, which operate in the Isle of Man legally, now have instructions and detailed explanations. It opens more opportunities for investing in blockchain businesses, joining the industry, and growing it.
Read more: Essential information about blockchain sports betting
Read more: 2020 Bitcoin price: will it change?