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11th January 05 The Isle of Man has officially announced that it will not impose restrictions on companies within its jurisdiction on accepting bets from US citizens. The decision, which has been anticipated through leaked information for some time, comes as a response by the island’s ruling Council of Ministers to a recent report by the Department of Trade and Industry, which outlined the potential economic opportunities for the island. A statement jointly issued by the DTI and
Treasury said the changes had been implemented to "make the
well-regulated environment more commercially attractive".
Other changes to legislation include the regulation of P2P
poker, the scrapping of the need for a GBP sterling 2
million license bond and the need for all changes to
software to be certified in advance. DTI Minister Alex Downie said: "I believe
that the Island will be the focus of increasing numbers of
companies who are looking for a well-regulated and reputable
jurisdiction and who are attracted by the superb
telecommunications infrastructure and support services that
we can offer."
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