GreenCoinX Inc, which is the developer of the world’s first identifiable cryptocurrency ‘GreenCoinX’, has announced that it is going to start its operations in the Isle of Man as it has been welcomed by its government.

The startup is a subsidiary of GreenBank Capital Inc, which is a Canadian publicly listed company (CSE: GBC), and has highlighted that it has been able to remove the biggest obstacle that has so far hindered the adoption of cryptocurrency at a larger scale, i.e., anonymity.

It claims that the currency identifies users and further helps in the collection of optional taxes by governments worldwide. This feature has the potential to help it in gaining ground in the larger cryptocurrency market.

Danny Wettreich, Chairman of GreenCoinX Inc, felt that the government attitude to their business was receptive and said that the government “is receptive to finding the best practice in the execution of complex cryptocurrency issues.”

For now, the startup has opened its European marketing and international treasury office in Douglas, Isle of Man, and has appointed Alan Molloy as CEO of the operations here.

Molloy brings experience on the table as he has served as the Managing Director of international services for British private bank Duncan Lawrie.

GreenCoinX also has plans to start the global treasury function, which it claims, is designed to check the volatility in the price of this cryptocurrency.

However, it is important to note that no financial commitment has been made by the Government for this project.

Laurence Skelly MHK, Isle of Man Minister for Economic Development vouched for the development and noted that “GreenCoinX has the potential to make a significant difference in the digital currency arena and the Isle of Man Government is very supportive of any organisation that has aspirations such as this, as it matches our own ambitions in terms of high standards and rapid growth.”

Isle of Man Chief Minister Allan Bell MHK expressed his delight and also stressed that his was one of the first countries in the world to have amended the legislation which applies to digital currency so as to protect the consumers and keep crimes at bay.