Isle of Man - a paradise of digital currencies

The Isle of Man, the last half century, which is one of the largest offshore centers in Europe and the world, is soon planning to adopt a law capable of making it a paradise for various digital currencies. In this regard, the island may become the first place in the world in which a full-fledged legal framework for alternative payment methods will be adopted.

The development of the offshore business in the Isle of Man was facilitated by a special economic situation, strict conditions for keeping commercial secrets and the absence of exchange controls. All financial companies incorporated in the Isle of Man operate under the direction of the Financial Supervision Commission. On the offshore island of Maine, you can register as a regular resident company (pays tax at a rate of 20% of net profit), and exempt from taxation (limited to an annual fee of 300 pounds), as well as other types of companies.

The planned legislative framework will establish free and reliable standards of work for financial and technical companies registered on the island. Previously, information appeared indicating Tinwald’s patronage of IT start-ups in general, and the use of Internet currencies in particular.

The strength and weakness of Bitcoin - decentralization, and as a result, the high volatility of the course, which led to the fact that many banks refused to work with the currency. Since at present more than 170 startups are registered on the island, 20 of which are tied to the use of cryptocurrency, the island’s government has decided to encourage the use of bitcoins. 20% of the island’s GDP comes from digital companies. In general, bitcoin on the island is also common (if not broader), like ordinary money (pounds).
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Peter Greenhill, head of e-commerce on the Isle of Man, said in an interview with Business Insider that, in addition to their tax advantages, they want to provide even more luxurious conditions for companies that use cryptocurrency on the island.

By 2020, the islanders expect a 23% growth of the industry, and therefore, there may be good economic prospects against the backdrop of the global financial crisis, for those who can take advantage of them. All efforts of island officials are aimed at providing the best platform for the development of companies in this sector.

Unfortunately, the details of the planned laws are not clear today.

via Business Insider