DED officials said, “Our stance is intended to welcome those who can meet the necessary standards while also preserving the Island’s good reputation as a financial center…We anticipate that this market will develop and change rapidly and, as a result, we will keep market changes under review and with a view to consider future regulatory regimes as required…”
“Of course, if any business were to undertake activities that are regulated under existing regulations, we will expect them to comply fully.”
John Shimmin, Minister for Economic Development described these moves as reflecting the Isle of Man’s proactive and liberal economic attitude, “The Isle of Man is synonymous not only with innovation, but for a regulatory environment that is both effective and pragmatic”.