Isle of Man gets New Startup Crypto Next as Gov’t Updates Guidance

Startup Crypto Next recently launched in the Isle of Man with a suite of soon-to-be-offered services “that actually work,” according to company representatives.

These services will include a turnkey package of a company, bank account and white label currency exchange platform; a multi-currency wallet; and a set of multi-currency merchant services.

In the meantime, the company is raising money via crowdsale of its Crypto Next coin, based on the Mastercoin protocol. The company said in a statement that if its crowdsale is a success, it expects to launch its multiple-currency exchange in August. So far, 1% of the 5 million Crypto Next coins have been sold.

The company’s founders, Israeli tech veterans Sharon Greenberg and Asaf Azulay, are pitching Crypto Next as having “real-world transparency” and regulatory compliance as its core features. Company representatives said in a statement:                                                                      

“By providing a regulatory and financial framework, Crypto Next says it can help any retailer in any country accept cryptocurrencies in a safe and time-­efficient manner, truly bridging the gap between cryptocurrency consumers and mainstream retailers.”

Isle of Man releases clarification

The Isle of Man government offered a little clarification regarding cryptocurrency regulations in a statement released Friday. We touched on its initial framework for regulations back in June.

The updated guidance says that “certain activities relating to virtual currencies should be brought within the Anti-Money Laundering/Countering the Financing of Terrorism (‘AML/CFT’) framework.”

This includes amending Schedule 4 to the Proceeds of Crime Act 2008, applying that law to the “virtual currencies market,” and drafting a new bill called the Designated Businesses (Registration and Oversight) Bill that will allow the Manx Financial Supervision Commission to oversee “how virtual currency and other designated businesses comply with the Island’s AML/CFT legislation.”

Meanwhile, as Cointelegraph’s Carlo Caraluzzo reported last week on the Isle of Man’s Crypto Valley Summit, the island is positioning itself as a hotbed for Bitcoin startups.

That is something that attracted Crypto Next’s founders in the first place. The company said in a July 16 statement:

“Taking advantage of the Isle of Man’s forward-thinking attitude towards cryptocurrency based businesses, Crypto Next is able to pass on the security that comes with being registered with a financial regulator to its users and affiliates.”