Views invited on proposed introduction of Travel Rule
The Isle of Man Financial Services Authority, in conjunction with the Department of Home Affairs, has today issued a Consultation Paper on the proposed introduction of a Travel Rule (Transfer of Virtual Assets) Code.
The purpose of this consultation is to obtain information and views in relation to the establishment of the Travel Rule Code, and the potential impact this may have on the virtual asset sector on the Isle of Man.
The documents included in this consultation are:
- Travel Rule (Transfer of Virtual Assets) Code 2024 (Department of Home Affairs legislation)
- Proceeds of Crime (Compliance with International Standards) Order 2024 (Department of Home Affairs legislation)
- Terrorism and Other Crime (Financial Restrictions)(Compliance with International Standards) Order 2024 (Department of Home Affairs legislation)
The consultation will be of direct interest to all former, existing and prospective individuals and firms registered as Virtual Asset Service Providers (currently referred to in our regime as “Convertible Virtual Currency Activity”).
Individuals and firms operating in the Island’s virtual asset sector are encouraged to take part in the survey and provide feedback.
The consultation can be accessed on the Government Engagement Hub and the closing date for submissions is 15 April 2024.