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DCTS Appointed as Company Administrators for New Isle of Man Digital Currency Company

Posted by in Doehle Corporate Services on 17th July 2014

Crypto Next plc is an Isle of Man company that wants to bring digital currencies to grassroots level by providing turn-key packages that include a company, bank account and white label currency exchange platform, instantly overcoming regulatory and technological barriers.

Crypto Next plc is the second cryptocurrency company to launch in the Isle of Man, where the Government has openly welcomed digital currency companies; a development which is attracting cryptocurrency based businesses since the announcement on the 10th June 2014. 

Taking advantage of the Isle of Man’s forward-thinking attitude towards cryptocurrency based businesses; Crypto Next plc is able to pass on the security that comes with being registered with a financial regulator to its users and affiliates.  The company launched a crowd sale yesterday, July 15th, by issuing its own coin, Crypto Next Coin (CXC), which can be used in lieu of fees for some of the company’s products and services, providing owners of CXC with considerable savings.

Digital Companies Growing on Isle of Man

Peter Greenhill, the Director of E-Business in the Isle of Man Department of Economic Development said, "We welcome this announcement by Crypto Next plc and are pleased to have them join the growing number of quality Digital Currency businesses who are selecting the Isle of Man as their jurisdiction of choice. Their acceptance of our insistence to adhering to full AML/KYC regulations and then applying for formal registration by our Financial Supervision Commission will help us to ensure that the consumers are protected and that we keep crime out."

Crypto Next plc acknowledges the difficulty for some businesses to provide or integrate cryptocurrency platforms to their companies.  By providing a legal and regulatory framework with its exchange, merchant and remittance platforms, Crypto Next plc enables companies to utilize digital currencies, a service that was previously unavailable to them. Its mission is to simplify digital currencies and to make them more accessible, within the safety of a regulatory framework and conventional business practices. 

DCTS Appointed as Company Administrators

Crypto Next plc has appointed local company Döhle Corporate and Trust Services Ltd as Company Administrators.  Paul Swindale, Director, said “We believe that Cryptocurrency is a key market for the future and are immensely enjoying working with Crypto Next plc on this exciting project”

Ron Gross, Executive Director of the Mastercoin Foundation said “With [Crypto Next plc’s] solution, we could literally see 50,000 exchanges pop up within a year.  This may be one of the key drivers to push Bitcoin to the next level.”

Isle of Man to Control Digital Currencies

The news of the launch Crypto Next on the Isle of Man follows the Government’s announcement that it intends to take specific actions aimed at helping protect businesses and customers utilising digital currencies and provide an environment for high-quality businesses in this rapidly emerging field who wish to operate from the Island.

The Department’s Director of E-Business Development Peter Greenhill stated: ‘The Isle of Man recognises 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.

‘Our stance is intended to welcome those who can meet the necessary standards while also preserving the Island’s good reputation as a financial centre. We will work with Isle of Man Financial Supervision Commission, Department of Home Affairs and industry to ensure a fair and appropriate regime is implemented. This is not at this stage expected to embrace a full prudential suite of requirements, so consumers will need to be aware of this when making their decisions. 

‘While it will take a period of time to instigate, it is a clear demonstration of the Isle of Man’s commitment to keep abreast with market developments but also maintain its international responsibilities. We anticipate that this market will develop and change rapidly and, as a result, we will keep market changes under review and with a view to considering future regulatory regimes as required. Of course, if any business were to undertake activities that are regulated under existing regulations, we will expect them to comply fully.’

The Minister for Economic Development John Shimmin MHK commented: ‘I welcome this move to create a framework for the regulation of digital currencies. The Isle of Man is synonymous not only with innovation, but for a regulatory environment that is both effective and pragmatic.

‘With this announcement the Isle of Man reinforces its status as a jurisdiction that welcomes well-controlled and compliant businesses while sending a clear message to those who would seek to operate outside the law that we are open for good business only.

‘We will work with the business community in the coming months to ensure that a proportionate and appropriate regime is implemented that meets international standards.  We anticipate other jurisdictions will follow the Isle of Man’s lead.’

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