Risk results for virtual assets sector 'really important' says minister

'Island is open for innovation' says DHA

The Isle of Man remains open for innovation whilst maintaining robust and internationally aligned safeguards to protect our financial system.

That’s the message from the Department of Home Affairs after the Island’s virtual assets sector’s risk from global financial crime was assessed as ‘medium’.

Government has published its National Risk Assessment on Virtual Assets and Virtual Asset Service Providers.

It provides evaluation of the money laundering, terrorist financing and proliferation financing risks associated with the use of virtual assets in, and from, the Island.

The assessment confirms that while the sector remains small in scale, it is internationally connected and therefore exposed to global financial crime threats.

The money laundering risk relating to virtual assets and virtual asset service providers on the Island has been assessed as ‘medium’.

The risks relating to terrorist financing and proliferation financing remain ‘very low’.

Minister Jane Poole-Wilson says the classification will be welcomed by the business community.

You can read the full report HERE.