CTS to Sever Ties With Digital Currency Businesses on Isle of Man
A new report from bitcoin news website CoinDesk indicates that Capital Treasury Services (CTS) - a subsidiary of Capital International Group - is planning to sever ties with businesses operating in the digital currency space next month on the Isle of Man. Capital Treasury Services serves as, well, a treasury service for a large number of businesses. Working with large banks like HSBC, the service clears customer funds, but increased pressure from its banking partners have introduced some issues for these businesses that work in the cryptocurrency space. Quoted from CoinDesk, the following....
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Capital Treasury Services (CTS), the company that links bitcoin businesses to banks in the Isle of Man, is to cut ties with the digital currency sector as of next month. CTS, which is a subsidiary of Capital International Group, currently works with a number of digital currency companies in the Isle of Man, acting as their banking solution. The company is not a bank, but a treasury service, which holds funds for a number of companies across a variety of sectors. It works with banking partners in order to clear customer funds. Pressure from these banking partners has forced CTS to withdraw....
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....
UK-based bitcoin, gold, and sterling exchange Netagio made news this week with the announcement they had met ISAE 3000 standards when it comes to their bitcoin holdings, and now, some positive news for their clients who are looking for another means of funding their accounts. The exchange said they've partnered up with WalPay - a payments services provider based on the Isle of Man (which is quickly becoming a great place for bitcoin startups), which effectively means Netagio has secured new banking facilities that will allow clients to make deposits and receive international payments in....
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....
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"....