In March of this year the Isle of Man"s " Supervision report confirmed that credit exchange"s which holds client contracts with a licenses overseas payment service provider is not required to obtain a licence in the country for its activities . This comes at a time when competition between jurisdictions to attract bitcoin entrepreneurs is increasing , and unlike physically based jurisdictions , they can choose their regulatory authorities .
In March of this year the Isle of Man"s Financial Supervision Commission confirmed that bitcoin exchange"s which holds client funds with a licenses overseas payment service provider is not required to obtain a licence in the country for its activities. This comes at a time when competition between jurisdictions to attract bitcoin entrepreneurs is increasing, and unlike physically based businesses, they can choose their regulatory jurisdiction.