THE ISLE OF MAN: AIMING TO GET A LEG UP ON BITCOIN BUSINESS

LONDON (InsideBitcoins) – While the UK looks to position itself as a global centre of bitcoins, the nearby island of Jersey is attempting to take advantage of their unique tax position in order to dominate the market. Yet Jersey is not the only island with their eyes fixed firmly on the potential of bitcoin.
The Isle of Man, a self governing crown dependency located in the Irish Sea, believes that it has all the advantages needed to make itself a European hub of cyrptocurrency activity. Bumps are however to be found in the road, with British banking partners announcing recently that they were withdrawing services to the digital currency sector on the Isle of Man.
Inside Bitcoins spoke to Peter Greenhill, the Island’s Director of E business and Development, regarding the Isle of Man’s deep dive into the digital dollar waters.
‘We’ve not just recognized that there is a potential for Bitcoin, we’re prepared to do something about it,’ Greenhill told us. ‘We see great benefits in attracting quality companies to the island but also recognizing that we have to balance that against certain risks, certain jurisdictional risks – and we have to keep crime out and protect the individual.’

This post was published at Inside Bitcoins on Ian Jackson Sep 29, 2014.