There is a lot of focus on regulating Bitcoin all over the world, particularly when exchanges and other money transmitting services are concerned. The Isle of Man is one of the most favorable regions for Bitcoin companies, and British exchange CoinCorner has received “Designated Business” status just a few days ago.
Similar to most countries in the world, the Isle of Man has been focusing on bringing Bitcoin and cryptocurrency under their existing AML and KYC guidelines. Preventing criminals from flocking to Bitcoin as a way to launder money or conduct illegal transactions is a positive aspect for cryptocurrency adoption in the long run.
Not all regions of the world are taking kindly to this idea, though, as New York is taking a rather aggressive stance towards Bitcoin companies looking to serve customers there. Not only is the Bitlicense process time consuming and incredibly expensive, but there are legitimate concerns regarding the associated KYC and AML guidelines. Most people find these measures rather invasive, as users of Bitcoin platforms need to be screened and scrutinized.
Luckily, things are a bit different for CoinCorner and their application to become a Designated Business in the Isle of Man. Oo Wednesday 4th May 2016, the company received official news their application has been approved, and they are now entirely compliant with The Designated Businesses Registration and Oversight Act.
Despite being rather Bitcoin-friendly, the Isle of Man government wants to make sure all companies transmitting Bitcoin or offering secure storage services are fully compliant with the law. This also makes it more important than ever for any company in the region to achieve Designated Business status. Coincorner has now been legitimized as a business by the local government.
Most people know Coincorner as being a Bitcoin exchange, but they also provide secure wallet services to all users. This makes it even more important for this company to become a Designated Business, as they offer a complete starter kit solution to novice Bitcoin users. Moreover, they attract a lot of users from all over the world, thanks to their acceptance of credit and debit cards.
Source: Press Release Via Email
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