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According to an official, the island in the west of England wants to be more open towards ICOs and introduce a tolerant legal framework.

Around 85,000 people live on the Isle of Man. Although the island is owned by the British Crown, it has been largely autonomous since 1855. While the larger countries, especially the neighbouring United Kingdom, lack regulations for ICOs, smaller countries in particular are seizing the opportunity – we have often heard of Singapore.

But not only the Isle of Man is innovative, we reported in the past about Dublin as a growing blockchain hub and hub between America and Europe.

The Head of FinTech and Digital Development in the Economic Development Department on the Isle of Man explained that the ICO industry is viewed with enthusiasm.

Growing ground for start-ups

In the past, the Isle of Man has been praised for its legal regulation of crypto currencies. Diacle co-founder 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 conduct the first fully compliant ICO.”

The clear structure versus these new technologies brings immense benefits, even to the blockchain ecosystem itself. Ross Wilson of Bitcoin’s Coincorner stock exchange said:

“Every crypto exchange operating on the Isle of Man is required to implement anti-money laundering regulations and know-your-customer (KYC) procedures. While other jurisdictions may have done something in that direction, the Isle of Man’s tax authority has also been given the opportunity to carry out a compliance inspection… This gives legitimacy to any crypto company on the Isle of Man, as they can be expected to follow the AML and KYC guidelines.”.

The Isle of Man is the first jurisdiction to have introduced a legislative body specifically designed to promote ICOs, Bitcoin.com reported. This week, news from China has announced the temporary suspension of ICOs. The US, Canada, Singapore and Hong Kong appear to be adopting more open ICO attitudes.

About Ireland

Ireland is with the main mass of the country part of a larger island. The island state lies in the northwest of the British Isles. The country has a total area of 70,280 km² and a total coastline of 1,448 km. This area corresponds to approximately 20 % of the size of Germany. Ireland is thus the 22nd largest country in Europe and ranked 121th worldwide.

The archipelago consists of about 270 partly uninhabited islands. The United Kingdom is the only directly bordering neighbouring country of Ireland. The distance between Berlin and the capital Dublin is about 1,320 km.

A temperate climate zone determines the weather in Ireland. As everywhere in the northern hemisphere, the days in the summer months are not only warmer, but also longer. The average daily maximum temperatures are between 8 and 19 degrees, depending on the season. In some parts of the country, temperatures can reach up to 20 degrees during the day. In the colder months, the temperature drops at night to up to 3°C in the monthly average, depending on the region.