The Isle of Man could become the Switzerland for Bitcoin as the small island’s government has been quick to react to the growth of digital currencies. Over the past twenty years the proliferation of the internet has brought about a golden age of gambling. Regulating this rapid growth has been a massive challenge for legislators globally and with the growth of crypto-currencies this task has become a lot harder. So, why are some countries doubling-down while others are leaving the table? History of bending rules
Few people outside of the British Isles will know much about the Isle of Man. Not quite a nation in its own right, this tiny British ‘protectorate’ has a history of bending the rules which apply to the mainland. For example, the roads have no speed limits so an annual motorbike road race is held there: the infamous Isle of Man TT. This race has grown to become the island’s main source of income. And gambling, although not to everyone’s taste, is still considered a legitimate industry on the island.
The government has been quick to react to the growth of new digital currencies and has enacted changes which make the island very attractive to online gambling and Bitcoin. Virtual currencies are be accepted as if they were cash . Will these attributes create the perfect environment to attract the next wave of gambling supersites to the island? Untamed Frontier
If the island doesn’t prosper from this revenue stream then it’s conceivable that legal loopholes will be sought in the new legislation and the Isle of Man could become the world’s first crypto-tax-haven. Indeed, anyone who has followed the recent Panama Paper’s revelations will have seen Prime Minister David Cameron squirm when questioned about his proximity to some of the findings – perhaps he likes […]
