Isle of Man Welcomes Digital Currency Exchanges 'No License Required'
R Paul Davis is Group General Counsel for the Counting House Services group of companies, headquartered in Canada, and lives and works in the Isle of Man. A Canadian barrister and solicitor, his practice is specialized in international payments law and technology. The Isle of Man seems to be setting itself up as a hub for bitcoin-related businesses. The self-governing British Crown dependency is already appealing to conventional businesses and wealthy individuals, and the latest indications are that this fiscally liberal environment will be extended to cryptocurrency-related activities as....
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The Isle of Man government has welcomed GreenCoinX, an identifiable cryptocurrency which is 80 percent owned by Toronto, Canada-based GreenBank Capital Inc. "We welcome the decision by GreenCoinX to establish its operations in the Isle of Man which reinforces our position as leading the way in the digital currency sector," said Isle of Man Chief Minister Allan Bell MHK. GreenCoinX has opened its European marketing and international treasury office in Douglas, Isle of Man, and has engaged the services of Alan Molloy as CEO of its Isle of Man operations. Molloy previously served as managing....
The second country that we will take a closer look at is the Isle of Man. The Isle of Man is nestled between Ireland, England,Wales and Scotland. It has been a haven for online gambling companies for a couple of years now. However The Isle of Man is looking toward the future like an open minded country should. There has been quite a storm about the Isle of Man’s decision to become a “pro digital currency”. Some have condemned this choice, while others applaud the innovative aspect and calling this step a “historical” one for digital currencies and Bitcoin in particular. To celebrate and....
The Isle of Man (flag shown) could be a haven for Bitcoin exchanges. Isle of Man, the British dependency, could offer an isolated paradise for cryptocurrencies. The Financial Supervision Commission (FSC) ruled that many of the island's licensing laws do not apply to Bitcoin, CoinDesk reports. This hands-off approach might signal the birth of a friendly relationship between the island government and novel Bitcoin-inspired payment systems. According to Robert Paul Davis, the General Counsel for Canadian-based payment processing service Counting House Group, the FSC acknowledged that a....
The Isle of Man's Department of Economic Development is set to introduce controls on digital currencies such as bitcoin. Designed to protect businesses and customers using digital currencies, the controls will also provide an environment that enables companies operating within the space to flourish. Peter Greenhill, the department's director of E-Business Development, said: "The Isle of Man recognises both the risks and opportunities presented by digital and virtual currencies." He added: "The government has instructed the relevant departments and statutory bodies to ensure there is a....
Isle of Man will create a cryptocurrency businesses register using block chain Technology. To do so, they are working with Pythia Ltd. The Isle of Man Government's Department of Economic Development is looking to create a stand-alone register of Island-based digital currency businesses. In order to do so, they are using the protocol of a local block chain service provider, Pythia Limited. The Isle of Man is known as a safe haven for digital currency businesses. They welcome new ventures in this field as long as their operations are legal. The decision to create a stand-alone register fits....