In a time when Governments and regulatory bodies are scrambling to get a grip of Bitcoin and other crypto currencies, the Isle of Man is leading the way by thoroughly embracing the technology.
The inaugural meeting of the Manx Digital Currency Association took place on the 1st April. The event was a full house, attended by leading data hosting provider Wi-Manx along with prominent lawyers, bankers, software developers, miners and exchange operators from around Europe and further afield. The meeting clearly demonstrated the desire for businesses to embrace Digital Currencies and how the Isle of Man was emerging as the “digital currency” place to do business.
The Isle of Man has recently featured in the Digital Currency press due to the work of Paul Davis, Group General Counsel for the Counting House Services group of companies. Paul has sought opinion from the Isle of Man Financial Services Commission (FSC) whose response suggests the Isle of Man is currently positioned as a Bitcoin (and Digital Currency) friendly jurisdiction. The facts and ruling are covered in a recent coindesk article.
There are countless businesses looking to embrace Digital Currencies and the Isle of Man business community is embracing the technology. There are numerous Digital Currency operations already setting up in the Island with several more potential start-ups attending yesterday’s meeting.
The benefits of doing business in the Isle of Man are well documented; world class infrastructure, highly skilled workforce, a can-do attitude in Government, competitive taxation and a reputation as a safe and compliant financial centre. All of these benefits, coupled with a forward-thinking approach to Digital Currencies, positions the Isle of Man at the forefront of the movement. It also shows a certain determination and desire for clarity in a world where Governments and regulatory bodies are struggling to legislate, let alone classify what a Digital Currency is.
Joe Hughes, Wi-Manx commented:
As a leading datacentre, hosting and network provider, Wi-Manx is already in discussion with leading exchange operators and software houses about relocating their core infrastructure and Digital Currency operations to the Isle of Man. Our experience in delivering robust, large-scale hosting solutions and embracing new technologies does give us that competitive edge.
Many of the Digital Currency organisations we have spoken to are true innovators, lean and technology focused, who, using their wealth of knowledge and technology know-how, have seized the opportunity. We are able to assist these businesses through a range of colocation, Cloud and dedicated server solutions, leaving them to manage their technical operations. They have a requirement for infrastructure and we can deliver that.
Many other businesses are approaching Digital Currencies, not from a technology angle, but from a commercial standpoint. Joe adds:
This type of business prefers a more hands-off approach to technology. This is where our range of managed hosting solutions are attractive, helping to accelerate product development and reducing time to market, crucial in such a fast moving ecosystem.
If Bitcoin and Digital Currencies are seen as an integral part of your business and you are interested to see how Wi-Manx and the Isle of Man can assist, then Joe invites businesses to get in touch. As an innovative, trusted hosting and technology partner, Wi-Manx can help. Wi-Manx work closely with Government and a network of professional advisors experienced in Digital Currencies.