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Isle of Man incorporating Bitcoin into anti-money-laundering laws | Canadian Insurance
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Isle of Man incorporating Bitcoin into anti-money-laundering laws

Local pubs and cabs accept the digital currency

Over the past year, the Isle of Man has been working to incorporate Bitcoin into its anti-money-laundering laws.

The independent nation’s Designated Businesses Bill treats “digital currency exchanges the same as any company holding value for a client in escrow,” Peter Greenhill, head of e-gaming in the Isle of Man’s department of economic development, told the BBC.

The government won’t, however, offer customer protection of Bitcoin investments.

Isle of Man businesses such as the Thirsty Pigeon Pub and taxi company The Lady Chauffeurs accept Bitcoin, and a Bitcoin exchange was set up on the island last year.

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Take a look at our August 2014 story on the legalities of Bitcoin.