More than 20 digital currency companies have now set up in the Isle of Man, as the region continues to attract investment in the sector.

According to government figures, e-business now accounts for 15 per cent of the island’s GDP, and is predicted to grow to 23 per cent by 2020.

This week the Isle of Man hosted the inaugural two-day Crypto Valley Summit, bringing together 200 entrepreneurs, digital currency specialists, service providers and government officials.

Keynote speaker Steve Beauregard, CEO of GoCoin, explained that the crown dependency represented a favourable location for digital currency firms.

“As one of the first international payments platforms for crypto currencies, GoCoin has evaluated many jurisdictions and we can say, without hesitation, that the Isle of Man offers many competitive advantages over the US, UK, Luxembourg and Singapore, when it comes to doing business in the sector,” he said.

“The Isle of Man’s value proposition includes greater open government access, talented business people, a thriving and professional grade e-gaming industry, government clarity and a favourable regulatory landscape.”

Peter Greenhill, director of e-business at the department of economic development, Isle of Man government, added: “The Crypto Valley Summit further solidified our role in providing a favourable environment for high quality businesses in the sector. Since announcing our digital currency position, over 20 companies have been set up on the island in this sector. We welcome the announcement by BankToTheFuture that they intend to add to that number.”

He continued: “The measures we are planning in relation to things like anti-money laundering are there to encourage innovation while helping to keep crime out, and to ultimately protect businesses and customers utilising digital currencies. We welcome those who can meet the necessary standards while also preserving the island’s good reputation as a financial centre.”

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