According to an official, the island in the west of England wants to be more open towards ICOs and to introduce a tolerant legal framework.
Small island and large industry
The Isle of Man is home to around 85,000 people. The island is owned by the British Crown, but has been largely autonomous since 1855. While in the larger countries, especially in the bordering United Kingdom, regulations for ICOs are lacking, smaller countries in particular are taking advantage of the opportunity – so we have often heard of Singapore.
The department head for FinTech and Digital Development in the Department of Economic Development at the Isle of Man explained that the ICO industry is being viewed with enthusiasm.
Breeding ground for start-ups
In the past, the Isle of Man was praised for its legislation against cryptic diseases. The co-founder of Diacle, Adam Vaziri, stated in a statement: “The Isle of Man has the first jurisdiction for which we have a lot of respect. The Isle of Man developed a regulatory framework for crypto companies that allowed Diacle to implement the first fully compliant ICO. ”
The clear structure against these new technologies brings immense advantages and even for the blockchain ecosystem itself. Ross Wilson from the Bitcoin exchange Coincorner stated:
“Each Crypto Exchange, operating on the Isle of Man, is required to implement anti-money laundering regulations and know-your-customer procedures (KYC). While other jurisdictions may have been heading in the direction, the Isle of Man financial authority has also been given the opportunity to conduct an inspection on compliance with the directives … This gives legitimacy to any Crypto company on the Isle of Man because it can be assumed that they follow the AML and KYC guidelines. “
The Isle of Man is the first jurisdiction that has introduced a lawmaker specifically to promote ICOs.