Isle of Man News - POSTED Tue 16-09-2014

SMP Partners make digital currency history

by MT

SMP Partners make digital currency history

SMP Partners has made history by becoming the first corporate service provider in the Isle of Man to accept Bitcoin payment from its clients.

The decision to allow invoices to be settled with Bitcoin is part of the firm’s commitment to embrace digital currency. SMP Partners already has an established Digital Currency team, led by Andrew Corris, and is engaged with a number of exchanges, funds and other Bitcoin-related enterprises exploring opportunities to establish in the Isle of Man.

As one of the Island’s largest corporate service providers, and leading provider of services to the e-commerce and e-gaming sectors, SMP Partners has been at the forefront of developing virtual currency opportunities for its clients. Representatives were present at this year’s BitFin Conference in Dublin and Coin Summit in London. This week SMP Partners will attend the Crypto Valley Summit on the Isle of Man and two Directors of the Group’s Accounting and Tax practice will host one of the Expert Tables to discuss the VAT and Tax implications of establishing an operation on the Island.

Allowing invoices to be settled using Bitcoin, with Island-based CoinCorner.com providing merchant services to SMP, is the latest commitment by the firm to the digital currency revolution.

Group Director David Hudson said: ‘Digital currency is becoming more commonplace around the world, and provides excellent opportunities for the Isle of Man. The addition of digital currency experience and expertise to our group has allowed us to broaden the range of services we offer existing clients, as well as ensuring we are able to deliver an all-encompassing service to emerging market leaders in the sector.

‘We have been actively engaged in this sector for some time now, assisting our clients to adopt digital currency payment, especially our extensive portfolio of e-commerce and e-gaming clients as there is a clear synergy with those industries. The appointment of Andrew Corris as Senior Administrator for Digital Currency Development underlined our commitment to developing this sector and has led to advanced engagement with a number of digital currency exchanges, funds and miners looking to establish operations and profile in the Isle of Man.’

Andrew joined SMP Partners from Barclays earlier this year, having previously been Assistant Vice-President with Barclays Wealth Intermediaries.

Mr Corris added: ‘We have been developing the opportunities offered by digital currency for some time, ensuring leaders in the sector were aware of our ability to deliver complete bespoke solutions, encompassing tax and structuring, VAT consultancy,  company formation, compliance and corporate solutions and accountancy. We have also ensured our clients had the expert advice they needed to engage in the digital currency sector, expertise which has been developed, for example, by working with Bitcoin exchanges across four continents.

‘We welcome the Isle of Man Government’s recent commitment to digital currency and seeing the Island explore even further the business opportunities that exist.

‘Committing to accepting payment through Bitcoin, supported by the services of CoinCorner.com, is, for SMP Partners, a signal to the industry that we are fully engaged in this sector.’

CoinCorner.com CEO Charlie Woolnough, who is also chair of the Manx Digital Currency Association, said: ‘It is no surprise that an industry-leading firm like SMP has decided to start accepting Bitcoin and CoinCorner.com is proud to help facilitate this process. For the moment it may seem cutting edge, but in time the world will come to see Bitcoin as simply an efficient method of payment.

‘On an Island where innovation plays such a key role in our global positioning, the early adoption of such pivotal technological advancements is crucial. CoinCorner.com looks forward to helping SMP and its clients further exploit the benefits of crypto-currency.’

Photo - Andrew Corris.

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