The Isle of Man (IoM) is a pioneer in digital innovation, boasting a number of successes in the areas of e-Gaming, digital currencies and now Initial Coin Offerings (ICOs). Adel’s recent ICO raised over 1m Euros to launch its “Incubator for Blockchain Innovation”.
Earlier this year Adel established its LTD, and laid the foundations to issue their Adelphoi (ADL) coin into the crypto community. Working with the IoM has allowed Adel to be the first ICO in the world, subject to Counter Terrorism Financing (CTF) and Anti-Money Laundering (AML) oversight. This includes requirements to comply with Know Your Customer (KYC) and beneficial ownership procedures.
Gabriel Dusil, co-founder, Adel Ecosystem Ltd, said: “The IoM has shown enormous foresight in allowing startups such as ours, to establish an LTD, and blaze a trail for blockchain innovation. We are pleased to work with the IoM, and look forward to continuing a fruitful partnership which creates an ecosystem that will support blockchain services and transforms the way traditional industries operate.“
Brian Donegan, Isle of Man Government, commented: “We are pleased to work with the Adel team and demonstrate the commercial potential for ICOs that chose the IoM as their jurisdiction. Our goal is to create an environment that fuels innovation, creates jobs, and protects the consumer.”