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 their attitude towards cryptocurrencies. CEO of e-Gaming Development and Director of e-Business Development Peter Greenhill underlined this by stating the following:
"This initiative demonstrates both the wider applications of the blockchain technology and the Isle of Man’s commitment to creating the right environment for responsible digital currency businesses to prosper."
Keeping crime out
At the moment of writing, Isle of Man hosts more than 25 cryptocurrency ventures. As said before, Isle of Man strives to keep crime out and protect the individual while at the same time enabling responsible businesses to move into the island. In order to do so, they opted to implement legislative changes relating to digital currency. Isle of Man is one of the first countries in the world to make this step.
The registering of digital currency businesses is a proof of concept initiative. It is not intended to be an alternative for any formal register or directory that the Isle of Man’s Financial Supervision Commission may introduce in the future. The Manx ICT Association, through one of its local members, Pythia Ltd, supported the development of this pilot using Pythia Credits system.
Nick Williamson, Founder and CEO of Pythia Ltd said:
"The Isle of Man has always maintained a very positive attitude to digital currency and in line with this approach the Government is currently developing a new and wide-range digital strategy for its own services. Therefore, it seemed relevant that Blockchain 2.0 applications be considered as part of this strategic development. As such we believe that this is the first time that Government data has been secured in this manner by Blockchain technology. It also showcases the wider use of Blockchain other than simply for digital currencies."