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.

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