In early June 2014, 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 cryptocurrency 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 cryptocurrency businesses interested in establishing on the Isle of Man. In July 2014, 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 cryptocurrency. Knowing that the Isle of Man government and the local business community support our business gives us added stability".
September 2014 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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.