Tynwald to consider changes to e-currency legislation

Friday, 6 February 2015 00:00

Tynwald will consider proposals to change 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 forward alongside the Designated Businesses Bill 2013.

More from Isle of Man News

Fire service called to chemical incident

Fire crews were called to deal with a chemical incident in the south of the Island this morning.
Hickman thanks fans for get well messages

TT ace Peter Hickman has thanked fans for sending a huge number of "get well soon" messages after his crash in practice week.
Ibiza still missing - can you help find it?

Police have renewed appeals for a car which was reported missing in May.
Tynwald question about number plate recognition

Questions about cameras that can spot number plates and check them against databases will be raised by a southern MHK tomorrow.
Loganair announces return of Xmas Belfast flights

Loganair says it's bringing back Christmas flights between the Isle of Man and Belfast.
Tynwald to hear questions about children who aren't in education

Children outside education will be the subject of two questions in Tynwald tomorrow.
Satnavs showing 20mph zones already, say drivers

Island drivers are reporting satnav systems are already showing 20mph zones planned for introduction later this year.
Heysham linkspan work means changes for passengers

The Steam Packet Company says there are changes for passengers getting off ferries in Heysham from today.