Isle of Man bitcoin exchange CoinCorner obtains Designated Business Status

Posted On 10 May 2016

Tag: CoinCorner, Designated Business Status, Duncan Hughes, IOMFSA, Isle of Man, Isle of Man Financial Services Authority, The Designated Business (Registration and Oversight) Act

Bitcoin exchange CoinCorner announced last week it has achieved a Designated Business Status in the cryptocurrency-friendly Isle of Man, where the exchange is based.

The Isle of Man Financial Services Authority (IOMFSA) granted the title, which came into effect last Wednesday after a successful application by CoinCorner. The application followed the introduction last fall of The Designated Business (Registration and Oversight) Act.

The Act, which came into effect in late October, came to life following a call for the IOMFSA to take responsibility for the oversight of the adherence of certain businesses and professions to the Isle of Man’s legislation on anti-money laundering and the countering of terrorism financing.

CoinCorner said in its press release that Designated Businesses now include 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 of a commodity.”

Duncan Hughes, a senior developer at CoinCorner, said in the release:

“This is great news for everyone – ourselves, our customers and the bitcoin industry. Trust is an important part in this industry and we feel that by becoming a Designated Business, it verifies the legitimacy of our business. We want our customers – old and new – to know that they can trust us, our products and services.”

Image via the press release

About the Author

Katherine Fletcher is a writer and editor based in London, Ontario, Canada. With a graduate degree in journalism, Katherine spent more than five years curating news on Canadian higher education for a marketing consultancy. Her interest in reporting on Bitcoin stems from her belief that digital currency is, and will continue to be, a disruptor in how we conceive modern currency.