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IoM Conference Builds On Island's Digital Currency Ambition

by Jason Gorringe, Lowtax.net, London
23 September, 2014

The Isle of Man recently hosted a conference on digital currencies, after the island's announcement earlier this year that it will introduce a regulatory regime to govern trading in crypto-currencies.

The Crypto Valley Summit, which brought in over 200 attendees, featured talks from international experts who discussed a number of topics, including the challenges the industry faces due to inconsistent regulations globally; cyber-security threats; the future of the payments industry; the differing tax treatment of digital currencies worldwide, with a focus on value-added tax; and the link between digital currencies and the e-Gaming industry.

Peter Greenhill, Director of e-Business at the Department of Economic Development, said: "The Isle of Man is increasingly becoming a technology hub in its own right. e-Business currently accounts for 15 percent of the island's gross domestic product. By 2020, we predict this will grow to 23 percent. The Crypto Valley Summit further solidified our role in providing a favorable environment for high-quality businesses in the sector. Since announcing our digital currency position, over 20 companies have been set up on the island in this sector."

"The measures we are planning in relation to things like anti-money laundering are there to encourage innovation while helping to keep crime out, and to ultimately protect businesses and customers utilizing digital currencies. We welcome those who can meet the necessary standards while also preserving the island's good reputation as a financial center."

Steve Beauregard, CEO of GoCoin and keynote speaker, opined that "the Isle of Man offers many competitive advantages over the US, UK, Luxembourg, and Singapore when it comes to doing business in the sector."

"The Isle of Man's value proposition includes greater open government access, talented business people, a thriving and professional-grade e-Gaming industry, government clarity, and a favorable regulatory landscape," he said.

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