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.