Home / Markets News & Opinions / Isle Of Man Welcomes GreenCoinX Cryptocurrency

Isle Of Man Welcomes GreenCoinX Cryptocurrency

Last Updated March 4, 2021 4:45 PM
Lester Coleman
Last Updated March 4, 2021 4:45 PM

logo-GreenCoinXThe Isle of Man government has welcomed GreenCoinX, an identifiable cryptocurrency which is 80 percent owned by Toronto, Canada-based GreenBank Capital Inc.  

“We welcome the decision by GreenCoinX to establish its operations in the Isle of Man which reinforces our position as leading the way in the digital currency sector,” said Isle of Man Chief Minister Allan Bell MHK.

GreenCoinX has opened its European marketing and international treasury office in Douglas, Isle of Man, and has engaged the services of Alan Molloy as CEO of its Isle of Man operations. Molloy previously served as managing director of international services for Duncan Lawrie, a private bank in the United Kingdom.

Global Treasury Function To Begin

GreenCoinX will soon begin its unique global treasury function, which is designed to dampen volatility in the price of the GreenCoinX crypto currency. It will be hiring an estimated 20 new employees in the Isle of Man over the next 18 months.

The Isle of Man government has made no financial commitment. GreenCoinX chose Isle of Man as the location for these services following discussions with its government.

“GreenCoinX has the potential to make a significant difference in the digital currency arena and the Isle of Man Government is very supportive of any organisation that has aspirations such as this, as it matches our own ambitions in terms of high standards and rapid growth,” said Laurence Skelly MHK, Isle of Man Minister for Economic Development.

Also read: Isle Of Man Doesn’t Require Bitcoin Licenses

Isle Of Man Builds A Reputation

“The Isle of Man has worked hard to establish a reputation as a responsible and innovative international business centre,” said Bell. “Consistent with this policy, we are one of the first countries in the world to have amended legislation to apply to digital currency, helping to protect consumers and keep out crime. This clear policy position, coupled with other advantages including the strength of our IT infrastructure and the quality of our financial and professional services, is attracting responsible businesses seeking to operate in the sector. As a result, we have already attracted over 20 businesses to the Isle of Man from all over the world with more considering a similar move.”

“The Isle of Man has a superb technological and corporate infrastructure which makes it very attractive as a business location,” said Danny Wettreich, chairman of GreenCoinX Inc.

It also has an enlightened Government attitude that is receptive to finding the best practice in the execution of complex crypto currency issues. In that sense we feel that we have found a kindred spirit.

Image from Shutterstock.