AHMEDABAD: Ahmedabad-based bitcoin startup GreenCoinX, developer of the world’s first identifiable crypto currency, has won legal recognition to start operations in the Isle of Man, a self-governing British Crown dependency. "We welcome the decision by GreenCoinX to establish its operations in the Isle of Man which reinforces our position as leading the way in the digital currency sector," said the Isle of Man Chief Minister Allan Bell MHK.He said the Isle of Man is one of the first countries to have amended legislation to apply to digital currency, thereby "helping to protect consumers and keep out crime". GreenCoinX was founded in 2012 by Nilam Doctor, who developed identifiable digital currency which is traceable and has inbuilt security system and is thus a major improvement on the traditional bitcoin.The company has its operational headquarters in Ahmedabad , while the registered office has moved to Canada since the company got funding from Canada’s GreenBank Capital Inc."We are coming up with the first identifiable block-chain which will identify all information about a person depending upon the requirement for each country," said Doctor, chief executive and president of GreenCoinX. He said KYC (Know Your Customer) information will be put on the block-chain, which will be able to collect taxes at transaction level and also restrict country specific transfers."We also have to create applications on devices for the Isle of Man, so that they can do all transactions digitally," said Doctor.Laurence Skelly MHK, the Isle of Man's minister for economic development said, "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."GreenCoinX, with its European marketing and international treasury office in Douglas, Isle of Man, has engaged the services of Alan Molloy as CEO for its operations in the country. The company plans to shortly launch its unique global treasury function and hire about 20 new employees in the Isle of Man over the next 18 months.Recently, Ratan Tata, chairman emeritus of Tata Sons, made his first investment in digital currency. Tata and American Express invested an undisclosed amount in series A funding of $12 million in a Silicon Valley-based Abra, a bitcoin startup. Abra enables users to store digital cash in any currency in their phones.