Just as the US Internal Revenue Service defines bitcoin as property, the Isle of Man is calling bitcoin property “rather than currency” and plans to add digital currency language in anti-money laundering bills. “Our stance is intended to welcome those who can meet the necessary standards while also preserving the Island’s good reputation as a financial center.” – Peter Greenhill, Department of Economic Development Director of E-Business Development While the Isle of Man is bringing legitimacy to bitcoin by regulating the industry, it would be more encouraging if they would give digital currencies their own set of rules and guidelines instead of trying to fit them into the existing framework.
