British Bitcoin exchange CoinCorner has announced today (Friday 6th May) that it has been awarded Designated Business status in the Isle of Man.

The title, granted by the Isle of Man Financial Services Authority (IOMFSA), took effect on Wednesday 4th May 2016 after CoinCorner successfully applied to become a Designated Business, following the introduction of The Designated Businesses (Registration and Oversight) Act last year.

The Designated Business Act

The Act came into force on 26th October 2015, after a proposal was put forward to place responsibility on the IOMFSA for the oversight of the adherence of certain businesses and professions to the Island’s anti-money laundering and countering the financing of terrorism legislation.

With the Isle of Man’s acceptance of Bitcoin-friendly businesses well documented, Designated Businesses now also 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 or a commodity.”

Talking about the importance of becoming a Designated Business, Duncan Hughes, Senior Developer at CoinCorner, said:

“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.”

For more information about the Designated Businesses (Registration and Oversight) Act 2015, please visit: http://www.iomfsa.im.