Isle of Man Financial Services Authority Declares Blockchain Regulation Rules

According to CoinDesk, on October 15, the Isle of Man Financial Services Authority (FSA) announced blockchain and cryptocurrency regulations. The FSA said certain regulatory measures depend on the status of tokens and that regulators may consider "devices in the form." The rules say: 1. Cryptocurrencies such as BTC and ETH are not regulated by the FSA, but the companies holding these assets must be registered with the FSA as a designated entity and comply with anti-money laundering and prevention laws. financial abuse. 2. Schools that use “Security Function or Electronic Money” tokens in their activities are regulated by the FSA. 3. Tokens that generate income, profit, or investment growth are governed by securities investments and require a financial aid license. 4. The same rule applies to tokens if they have invested in other means, such as trading products. 5. Tokens or cryptocurrencies provide the seller with a price or service that does not come in the form of electronic funds and is unregulated. The FSA said the purpose of the policy was to allow companies to create businesses involved in blockchain in their policies.