Work is continuing to gather pace, following the formation of the Manx Digital Currency Association (MDCA) at a meeting last week.

Chaired by barrister Paul Davis, the meeting moved to approve formation of the association and get to business.

Among the attendees were representatives of miners, exchanges, banks, gaming companies, CSPs, lawyers, web designers and programmers, hosting providers, payment processors and telecoms.

All members will be listed on the association’s website as it is set up.

Following a report on the recent ruling of the Financial Supervision Commission to the effect that licences are not required for BitCoin Exchange activities, a statement was made by Peter Greenhill, CEO of eGaming Development with the Isle of Man Government Department of Economic Development.

Mr Greenhill advised the meeting there was currently no Department of Economic Development policy on eCurrency, however a paper was being prepared within government with a view to forming such a policy.

He welcomed the formation of the association and underlined the need to protect the Island’s reputation and economy.

He indicated he would provide an update from the government side as soon as possible.