“We’ve been looking forward to the arrival of our first batch of Bitcoin AVMs for several weeks. In that time, we’ve been working on securing our first locations on the Isle of Man, and also liaising with Jason Kelly, a specialist lawyer and Vice Chairman of the Manx Digital Currency Association (“MDCA”), who has provided invaluable insight on local regulatory matters,” COO of QwikBit, Stan Ho, said.
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The AVMs are created by Lamassu and operated by QwikBit. “We’re very excited Qwikbit is launching on the Isle of Man with our Lamassu machines,” CEO of Lamassu, Zach Harvey, said, “This is a big step towards making Bitcoin more accessible on the Isle of Man and the UK.”
The small machines allow the exchange of as low as £5 to in three steps. After scanning the customers unique Bitcoin QR Code, the machine then credits the customer’s online wallet after the transaction confirms.
Upon the announcement of the QwikBit AVMs arrival to the Isle of Man, Charles Woolnough, MDCA Chairman, said, “The arrival of Qwikbit AVM’s is another step forward in making Bitcoin more accessible to the general public and establishing the Isle of Man as a domicile of choice for crypto-currency businesses.”
Ho says that the AVMs will soon be installed in the United Kingdom as well.
“Following the Isle of Man’s Financial Supervision Commission (“FSC”) announcement on Digital Currency, Qwikbit has also been liaising with the FSC regarding our launch,” he said, “Once we have the green light, we’ll install a number of AVMs on the Isle of Man, and then roll out the rest of this batch in the UK.”
Bitcoin has been welcomed with open arms at the Isle of Man recently as they have begun to build a basic legal framework for digital currency businesses. On June 10, 2014, the Official Isle of Man Government website published a statement on digital currency. Although the choice of headline is misleading, as it read “Isle of Man to Control Digital Currency,” the text read otherwise.
The Department of Economic Development announced today that the Isle of Man intends to take specific actions aimed at helping protect businesses and customers utilizing digital currencies and provide an environment for high-quality businesses in this rapidly emerging field who wish to operate here.
The Department’s Director of E-Business Development Peter Greenhill stated:
“The Isle of Man recognizes both the risks and opportunities presented by digital and virtual currencies. We are conscious of issues that have surrounded these activities but also can identify serious and credible entrants to the market wishing to explore this innovative technology. Therefore, the Government has instructed the relevant departments and statutory bodies to ensure there is a regime that promotes both business opportunities, but also applies appropriate anti-money laundering requirements.”
As QwikBit moves forward, the reaction from the United Kingdom will be a highly anticipated announcement.
Featured image by Shutterstock.