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. The UK government has also recently announced plans to regulate digital currency exchanges and ICOs as part of an effort to prevent money laundering through cryptocurrencies.
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.