In early June, the Isle of Man government's Department of
Economic Development announced that the Isle of Man is open for
business to high quality providers in the crypto-currency sector.
The Department's Director of e-business development, Peter
Greenhill, commented that "The Isle of Man recognises both the
risks and opportunities presented by digital and virtual
currencies. We are conscious of issues that have surrounded these
activities but can also identify serious and credible entrants to
the market wishing to explore this innovative technology". He
went on to say that the Isle of Man's stance will be to welcome
providers who can meet the necessary standards which, he indicated,
would be developed by the government, the Regulator and industry to
ensure a fair and appropriate regime.
As a result of the announcement, the government experienced an almost immediate swell of interest from crypto-currency businesses interested in establishing on the Isle of Man. In July, CoinCorner launched what it says is the first digital currency exchange on the Isle of Man commenting that "We liked the Isle of Man's forward thinking approach to crypto-currency. Knowing that the Isle of Man government and the local business community support our business gives us added stability".
September will see the Island host a prestigious Crypto Valley summit billed as "the meeting place for digital currency entrepreneurs looking to create and maintain ethical and registered businesses". The summit is already attracting a high level of interest and promises to be a signature event in the Island's strategy to become the jurisdiction of choice for this new and rapidly developing sector.
DQ is delighted to have been chosen to meet with a number of the crypto-currency providers interested in making the Isle of Man their home and we look forward to continuing to support the Island and our clients in this new venture.
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