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Isle of Man, the self-governing British Crown dependency is known as the “Bitcoin Haven” among the cryptocurrency circles. Apart from the world famous Isle of Man Tourist Trophy or TT motorcycle racing event, the territory is known for its digital currency friendly jurisdiction.
Since Isle of Man opened its arms to digital currency, number of bitcoin and digital currency based start-ups have made a beeline to the region. Companies look forward to experiment their new services from the region due to its positive outlook towards the new technology.
Apart from the usual Bitcoin, Litecoin and other contenders, Isle of Man now has a new guest. GreenCoinX Inc. has announced that the institution will be establishing its operations in the region, thanks to the friendly hand extended by the regional government. GreenCoinX Inc. is a subsidiary of GreenBank Capital Inc., a Canadian merchant banking solutions provider. The company is also an active investor in many publicly listed small cap companies. GreenCoinX Inc. is the creator of GreenCoinX, which is the first identifiable digital currency. Unlike most of the digital currencies, GreenCoinX doesn’t encourage anonymity and it requires users to establish their identity before they can conduct any transaction over the network.
READ MORE: GreenCoinX — the New Digital Currency That Gets Rid of Anonymity
All GreenCoinX transactions will have the user email id and contact information associated with it, making it easier for the authorities to track the flow of funds among other things. Governments will also be able to claim taxes for all transactions that happen through GreenCoinX.
Isle of Man will be the host to GreenCoinX’ European Marketing and International Treasury Office. The Isle of Man operations will be under the command of Alan Molly, as the CEO. The decision to open its treasury office in Isle of Man was apparently made after having discussions with the government and the company has plans to gradually increase the workforce to 20 heads in the next 18 months.
READ MORE: Isle of Man to Create Digital Currency Business Registry