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Isle of Man has introduced anti-money laundering (AML) laws for cryptocurrency related businesses. The regulations will come into effect from 1st April and will probably fall under the remit of the Financial Services Commission from the summer.
The government amended the Proceeds of Crime Act 2008 so as to include bitcoin companies and exchanges, operating in the country. The proposed amendments have been approved and state the following businesses will have to comply with the AML requirements:
"[Those in] the business of issuing, transmitting, transferring, providing safe custody or storage of, administering, managing, lending, buying, selling, exchanging or otherwise trading or intermediating convertible virtual currencies, including crypto-currencies or similar concepts where the concept is accepted by persons as a means of payment for goods or services, a unit of account, a store of value or a commodity."
The companies are required to report to the authorities if they suspect an individual is using his/her business for money laundering purposes, and to assist in identifying the person involved.
