Isle of Man All Set to Become the Official Bitcoin Island
As Bitcoin businesses continue to hunt down the ideal places for their unceasing habitation, their feet might get some rest on the soil of the Isle of Man. The self-governing British Crown nation is just inches away from passing new regulatory framework for digital currency businesses that could literally give the US a run for their 'Bitcoin'. As Business Insider reported, this place possesses the rightest legal infrastructure to implement the next-generation payment systems without breaking a sweat, a modern gospel truth that could make Isle of Man "a true paradise for digital currencies"....
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Known as the Bitcoin Island, the Isle of Man is turning its attention to blockchain to boost its FinTech and digital payments sector as it continues its efforts at establishing digital businesses on the island. After the Isle of Man’s Gambling Supervision Commission (GSC) and Treasury approved changes to the island’s gambling regulation last year, allowing currencies such as bitcoin to be accepted as cash, the island is hoping the adoption of blockchain applications will give the island the push it needs to further establish itself. Brian Donegan, from the Isle of Man Government Department....
The Isle of Man is home to a growing number of businesses that accept Bitcoin. During the past decade, the island became an important outpost to online poker, and some of the world’s biggest companies have relocated to the island, including Rational Group, the owner of websites like PokerStars and Full Tilt Poker. Throughout the years, many outsiders settled on the Island. These people were young programmers and tech-savvy professionals from the U.S., Canada, and Brazil looking for jobs in the online gambling industry. These formed the core of entrepreneurs who would later introduce....
In March, Bitcoin Magazine reported that the Isle of Man wants to become a leading Bitcoin hub. The government of the tiny island is pushing forward a new regulatory framework to create a true paradise for digital currencies. Bitcoin Magazine spoke with Brian Donegan, Head of Operations for Digital Development and eBusiness at the Isle of Man Department of Economic Development. Donegan confirmed that the island, a self-governing British Crown dependency located in the Irish Sea between Great Britain and Ireland, is gearing up to become the ideal environment for digital financial technology....
Island of Jersey, the self-governing parliamentary democracy in the Channel Islands will soon have a digital currency friendly regulatory regime. The government's plan was announced by the Assistant Chief Minister of the States of Jersey recently. Bitcoin businesses prefer to have their company registered in overseas territories like the Isle of Man, Channel Islands and British Virgin Islands due to their favourable laws and regulations. With the digital currency sector still being in nascent stages, companies working in this sector general require a lot of leeway when it comes to....
Bitcoin has become well established as a currency for daily transactions on the Isle of Man, a U.K. dependency in the Irish Sea that aspires to be a global cryptocurrency leader, according to The Independent, the U.K. newspaper. The Isle of Man, known to some as “Bitcoin Island,” boasts a progressive government, outstanding technological expertise, and an exceptional Internet infrastructure. Close to 25 startups on the island are using cryptocurrencies. In Douglas, the capital city with 27,000 residents, businesses accepting bitcoin include a coffee shop, a chauffeur service and a pub. For....