Cryptocurrencies are gradually gaining acceptance from the governments. Isle of Man, known as the friendliest geographical territory for Bitcoin and Bitcoin businesses has gone a step further to create a dedicated registry for digital currency businesses. This new register will be based on Blockchain technology and is being developed by the Department of Economic Development with technical support from Pythia, an Isle of Man based firm. Pythia will be responsible for developing the protocol for the register.
Isle of Man is already designated as the safe haven of digital currency. The state has exhibited its commitment towards encouraging the growth of Bitcoin and other digital currencies with this move. What makes it more interesting is the fact that the register will be based upon the same technology that powers Bitcoin.
Isle of Man is currently the home of over 25 cryptocurrency ventures. The island nation has made few notable amendments to its laws, making it suitable for digital currency businesses. By creating a conducive atmosphere to these businesses, it is also looking at an added $20 billion in revenues from online gaming and Bitcoin companies.
The nation is known for its technologically secular jurisdiction. Presumably, it is also the first nation to adopt 5G services in the world. Being open to new technological innovations and businesses also comes with its own challenges. Isle of Man is working towards addressing such challenges regarding Bitcoin and other digital currency related crimes. The adoption of new digital currency law will surely help in this regard.
Initially, the digital currency business registry will only be a proof of concept initiative. Digital currency businesses are still required to go through the formal business registration process like any other business. The Isle of Man Financial Supervision Commission is also expected to introduce a new directory sometime in the future. Digital currency companies will be required to register themselves in that directory as well.
Being the first nation to open its arms to Bitcoin and related businesses, Isle of Man has set an example for other nations. It is proving that Bitcoin can be a wealth creator for a nation.