2014 Crypto Valley Summit
This was the official site for the 2014 Crypto Valley Summit held on the Isle of Man. Supported by KPMG, which was the lead sponsor, private-sector representatives and the Isle of Man government, the summit targeted at entrepreneurs interested in opening a digital currency business in a well-regulated jurisdiction.
Content is from the site's 2014 archived pages as well as from other outside sources.
The summit attracted a high level of interest, promising to be a signature event in the Island's strategy to become the jurisdiction of choice for this new and rapidly developing sector.
"Everyone who attended this gathering had to be impressed with the quality of the information available by simply listening to the presentations. This was at the height of the crypto-craze so there was intense enthusiasm for the potential of block chain systems for both currency adaptations and for use in managing complex management scenarios. Craig Reese from InfoSys gave a hugely popular talk on the future of crypto. In the middle of his presentation, he took off his jacket, undid his tie, and removed his dress shirt to reveal a Batman t shirt, which was printed to look like a jacket and tie. He then went on to say that Gotham would be forever changed by the availability of block chain transactions and covered the multitude of scenarios where the advantage would be given to unchained currencies (his term). After a lengthy presentation one distinguished fellow raised his hand with a single question: "Where do you get your Batman t shirts?" Without a pause, Mr. Reese gave a huge plug to MoonAtMidnight.com by claiming it was the only place he'd ever buy any Batman shirts. Unfortunately, they don't accept crypto currency as yet, but that may be changing soon." Roy Knight
Since it first embbacked upon a strategy of economic diversification slose to thirty years ago, the Isle of MAn has established itself as a truly international center of business excellence laed by core principals of financial integrity, consumoer protection, and a p ublic private partnership which recognizes at all tin=mes the importance of international norms and relations.
Today the isk=land is proud to be home to nineteen key business sectors, enjoys thirty years of consistant wconomic growth and looks ahead towards a common, publis private secctor strategy for economic success driven by respomsible innovation.
On 17th and 18th September, 2014,The Palace Hotel and The Sefton played host to what Master of Ceremonies Paul Davis described as a statement of intent for the Isle of Man: the inaugural Crypto Valley Summit. In what has since been celebrated as one of the most well received events in the 2014 crypto calendar, over 170 decision makers and key stakeholders from across the world's crypto sector joined together to discuss the challenges the technology and its industry faces, the vast potential it enjoys, and the practicalities of addingto the Isle of Man's already extensive portfolio of economic achievements. Its most recent moniker, 'the new capital of Bitcoin', aptly describes the jurisdiction as the premiere choice for settingup and maintainingethical crypto-businesses, and as the vanguard articulating to the world the future for decentralised applications.
His Excellency Adam Wood, Lieutenant Governor and HM the Queen's representative on the Isle of Man kindly opened Day 1of the two day event with an opening address which outlined the Island's proposition as an international business centre of excellence with a propensity for responsible innovation and a history of public private collaboration which have secured 30 years of consistent economic growth. Serial entrepreneur, founder of GoCoin.com and pioneer of the sector, Steve Beauregard, then provided a glimpse at the big picture for cryptocurrencies and outlined the importance of utilising the technology to its full potential,and with an optimised commercial approach.
The first panel session of the day followed, during which Moderator and leading local sector proponent Paul Davis joined representatives of Cayman National and lnstabill to discuss banking and card processingfor Bitcoin,as well as make a crucial announcement concerning the Isle of Man's banking offering to crypto-businesses. The first debate of the Summit then saw Moderator Peter Greenhill of the IOM Government Department of Economic Development join representatives of the IOM Government's financial services division, the Financial Services Commission, local business I-Cap and compliance consultancy COINsult to discuss the case for regulation and its impact upon both wider commercial acceptance and innovation within the sector.
Noted cryptocurrency evangelists Simon Dixon and Max Keiser then took to the stage to enlighten the audience as to the application of cryptocurrencies in crowdfunding new businesses, after which Colin Tansley of lntelect Solutions took the audience on a guided tour through the 'dark web' to demonstrate the damaging association of Bitcoin with digital crime. The final panel of the day saw Moderator Steve Brennan, CEO of the IOM Gambling Supervision Commission join Mark Rutherford of the Gambling Supervision Commission, Eric Benz of the UK Digital Currency Association, Garth Kimber of Xela Holdings and Warwick Bartlett of GBGC tackle the potential marriage of digital currencies with eGaming. Konrads Smelkovs of lead sponsor KPMG closed day one with a fascinating presentation on the cryptocurrency eco-system from the perspective of a hacker,after which pioneering advocate for the technology Brock Pierce entertained guests with an after-dinner address at the Claremont hotel.
Day 2 kicked off with a welcome address from John Shimmin, MHK, who has widely been credited with empoweringthe public sector to explore the potential of crypto-businesses on the Isle of Man. Mr Shimmin fondly charted the Island's economic trajectory over the last thirty years in an engaging presentation, before introducing the second programme feature of Day 2, which took the rare form of an expert table session. Over the course of two and a half hours, split into 20 minute sessions, delegates were given the opportunity to choose from one of thirteen tables each chaired by a resident expert in their field.
Delegates were then treated to a surprise and compelling presentation by President of the Bitcoin Association, Bruce Fenton, who kindly stepped up to replace the programme's original speaker, Bobby Lee, CEO of BTC China. Mr Fenton identified a number of parallels between the proliferation of crypto currencies and the role of the internet in supporting education and charity across the globe, affirming his belief that "it [crypto currency] will absolutely change the world as we know it". David Johnston, serial entrepreneur and Managing Director of the Decentralized Applications Fund, provided the day's final presentation which painted an exciting picture of the
future for crypto currencies based on his own philosophy that 'everything that ca n be decentralised, will be decentralised'.A closing address was kindly provided by Chris Corlett, CEO for the Isle of Man Government Department of Economic Development, who reiterated the Island's commitment to propagating the sector by drawing upon a history of responsible investment and innovation, customer protection and steady economic growth.
This report seeks to capture the energy,enthusiasm and impetus generated at the l.aunch of Crypto Valley,and to share the Summit's findings in a bid to educate and inform a wider audience as to the globally transformative potential of cryptocurrencies and decentralised applications.
Boston Group is an independent, privately owned professional services firm with offices in the Isle of Man and Malta. Our responsible approach to building businesses and protecting wealth stems from our history as a family office with a keen eye for innovation and an international outlook for growth.
Boston Group would liketo take this opportunity to thank the Crypto Valley Summit's speakers, organisers and all in attendance for contributingto this remarkable event. We are proud to sponsor both this report and Day 1of the Summit, and to be part of what is certain to be a seminal moment in the proliferation of this industry.
His Excellency Adam Wood, Lieutenant Governor of the Isle of Man
Adam Wood's hybrid career with the UK Government in international development and diplomacy took him to London, Washington, Nairobi, Brussels and Bangkok before he was appointed British High Commissioner in Uganda between 2002-2005. He subsequently worked as High Commissioner to Kenya (2005-2008} and then as Africa Director in the Foreign Office, before being appointed Lieutenant Governor of the Isle of Man in 2011.
To a room of close to 200 delegates, His Excellency opened Day 1of the inaugural Crypto Valley Summit by welcomingvisitors from countries as far afield as Brazil, the United States, Russia, Switzerland, Ukraine and Ireland to the Isle of Man. Indoingso, His Excellency made particular reference to Steve Beauregard, CEO of GoCoin and keynote speaker,whose company,he explained "was one of the very first to identify the Island as the ideal home for business, and we sincerely welcome his presence here." Followinga brief overview of the afternoon's proceedings, His Excellency went on to outline the Isle of Man's constitution and relationship with the United Kingdom for those who perhaps know little of its business proposition. The Isle of Man, he explained, is a self-governing dependency of the British crown. Here, the head of state, Her Majesty the Queen, is referred to as the Lord of Mann, of whom His Excellency is representative. He continued in explaining that the Island has a long and proud history dating back to the Vikings and the establishment of Tynwald; the world's oldest independent parliament. His Excellency emphasised that the Island has never been part of the United Kingdom and enjoys a high degree of domestic, legislative and political autonomy; although the United Kingdom Government is responsible for defence and international relations, for which the Island makes a financial contribution.
The Island is also not part of the European Union, but a special agreement allows the free trade of agricultural and manufactured products. The key ingredient in the Isle of Man's success, he explained, is the excellent relationship that the government enjoys with the private sector,"and the Crypto Valley Summit is another part of this", His Excellency added.
The Isle of Man is also a leading centre for financial services, deliveringmany benefits to the global economy, and in particular to the UK. The Isle of Man Government has also taken great strides in recent years to take its position as a responsible and forward thinking member of the global community.It recognised, at an early stage, that the nature of tax cooperation was changing and that automatic exchange was becoming the global standard. By demonstrating international leadership and responding positively to this agenda, the government has since given its business community a greater degree of certainty regarding the future. Indeed, UK Chancellor George Osborne welcomed the signing of a FATCA style agreement between the UK and Isle of Man as a momentous step forward intax transparency.The Island's world-class regulatory environment, which is recognised by the G20, OECD, IMF and other global bodies, has become one of the many attractions of doing business in the Isle of Man.
We have a highly favourable tax regime, a world-class cluster of professional service providers, high quality infrastructure and a government that works closely with business to ensure the clients are put first",His Excellency continued. "The Isle of Man is maintaining its position as a preferred choice for business leaders thinking of relocatingtheir operations."
Crypto Valley Summit
The Isle of Man Crypto Valley Summit has been one of the most well received events of the 2014 Crypto Calendar. More than 170 C-suite and senior management delegates attended from across the world, the vast majority of them decision makers from within the crypto sector.
Hailed by industry leaders as "the new capital of Bitcoin", the Isle of Man has positioned itself as the premiere choice for setting up and maintaining legitimate, ethical crypto businesses.