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Isle of Man gets second digital currency exchange

16 July 2014  |  2818 views  |  0 Source: Crypto Next

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, operating and trading accounts 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.

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. 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."

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