In 2010 Tynwald (the Island’s parliament) approved the creation of a new government department, the Department of Economic Development (DED), tasked with promoting and encouraging the creation of a successful diversified economy offering employment opportunities for all. Since then, the DED has been proactive in working with the Isle of Man Treasury and the Island’s financial services regulators the Financial Supervision Commission (FSC) and the Insurance and Pensions authority (IPA) in identifying and supporting new areas to tap into to grow and diversify the Island’s economy.

In June 2014, the DED and the FSC jointly issued a statement announcing that they were considering ways of regulating virtual currency businesses operating in the Island and promoting growth of this industry by attracting credible businesses to Manx shores.

This has been carried through and virtual currency businesses money laundering laws, with enforcement overseen by the FSC.

This year also saw the FSC issue a consultation concerning proposals to create a specific regulatory regime to facilitate crowdfunding activity, looking to attract another developing niche industry whose position within financial services regulation has, so far, been ambiguous.

Read More

Locations

Isle of Man

Share
Twitter LinkedIn Email Save as PDF
More Publications
22 Jul 2019 |

Update on the Isle of Man Personal Injury Discount Rate

The Lord Chancellor has this week announced the long-awaited revision of the Discount Rate in Englan...

26 Jun 2019 |

Regulatory Headwinds

Faced with increased scrutiny from regulators on both global and jurisdictional levels, businesses m...

Contributors: David Dorgan
24 Jun 2019 |

Offshore Company Petition Filings and Court Orders – current trends 2019 and review of 2018

Our latest Appleby report provides a snapshot of the petition filings and resultant court orders in ...

24 Jun 2019 |

Reflections on the AIJA – INSOL Europe Joint Insolvency Conference

Claire Corkish attended the AIJA - INSOL Europe Young Members Insolvency Seminar in Mallorca on 13-1...

Contributors: Caren Pegg
19 Jun 2019 |

Beneficial Ownership Update: Crown Dependencies

The Crown Dependencies (Jersey, Guernsey and the Isle of Man) have announced a joint policy commitme...

Contributors: Alison MacKrill, Caren Pegg
11 Jun 2019 |

Appleby champions workplace diversity and boardroom representation with its Female Leaders Network

Appleby announced its Female Leaders Network on International Women’s Day on 8 March 2019, an init...

Contributors: Caren Pegg, Claire Milne WS
31 May 2019 |

GDPR One Year On: End of Transitional Provisions and Likely Future Developments in the Isle of Man

Saturday 25 May marked one year of the General Data Protection Regulation (GDPR) being fully enforce...

Contributors: Claire Milne WS
24 May 2019 |

Reflections on the Transcontinental Trusts Conference 2019

Fraser Robertson, Partner in Dispute Resolution in Jersey, Esmond Brown, Senior Associate in the PC&...