Potential regulation under the Financial Services Act 2008 of certain activities relating to crypto assets

1. regulate crypto asset markets, and
2. to regulate the issuers of certain forms of asset backed crypto assets, known as stablecoins.

In January 2021, the UK’s HM Treasury published a consultation which seeks views and evidence on the merits of regulating UK based issuers of stablecoins.

The Isle of Man Financial Services Authority is presently considering the Island’s response to these proposals and how these changes may be reflected in the Island’s own regulatory perimeter.

Any proposed changes to the regulatory framework will be subject to full public consultation at the appropriate time.