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European FinTech firm expands to Island

Blockchain provider creates AML/CFT arm

A self-styled 'incubator' for new companies based on blockchain technology has set up shop in the Isle of Man.

Adel Ecosystem Ltd is the compliance and tax planning arm of parent group Adel, which is an established business in the Netherlands and Czech Republic.

The firm's business model makes use of blockchain - which is the coding basis for virtual currencies such as Bitcoin - to create crowdfunding opportunities for new startups.

It's hoped Adel's Manx operation, which will focus heavily on anti-money laundering, will make the fund sourcing process more open and transparent.

The Island's FinTech sector is continuing to expand its international presence, after the Financial Services Authority redoubled its efforts to develop the sector in 2016.

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