Tynwald to consider changes to e-currency legislation

Fri, 06 Feb 2015

Tynwald will see proposals changing legislation to pave the way for e-currencies in March.

The Proceeds of Crime Act 2008 has been earmarked for amendments to include the Island's adoption of bitcoin and other digital currencies as a means of diversifying the economy.

It's an attempt to bring the Island's 20 digital currency businesses - employing 30-35 professionals - under anti-money laundering and counter-terrorist financing law.

It will go alongside the Designated Businesses Bill 2013.