You would be forgiven for thinking that interest in crypto currencies in the Isle of Man has somewhat waned since last year's Crypto Valley Summit, however, the reality is that within the sector this could not be further from the truth.
With the Isle of Man Government amendments to the Proceeds of Crime Act 2008 and the introduction of the Designated Businesses (Registration and Oversight) Act, the Island continues to embrace and nurture the sector. The proactive stance of the Isle of Man Government ensures that the future promises to be bright for the Isle of Man in its quest to become the jurisdiction of choice for crypto currency businesses.
A number of key industry players have already chosen the Island as their preferred jurisdiction, with some 25 crypto companies already calling the Isle of Man their home.
The Isle of Man has an excellent reputation as a well-regulated international finance centre with long-standing political and economic stability. Tax benefits include no Capital Gains Tax, Inheritance Tax or Stamp Duty and personal taxation is capped at a maximum of £125,000 per annum for high net worth individuals under the 'Tax Cap' scheme.
The Island has a world class infrastructure and generates its own power, even exporting power back to the UK grid. Companies in the Island have access to a wide range of world class banking, accountancy and audit institutions, as well industry leading levels of bandwidth provided by industry leading hosting providers.
Banking remains one of the key obstacles for new companies wishing to enter the crypto currency space. However, via our vast network of global banking partners and utilising our in-depth knowledge of the industry, we can bank businesses in various jurisdictions around the world.
We also design and provide innovative corporate solutions within the Isle of Man, taking advantage of certain unique structuring options, affording our clients auditable solutions that remove any fears of yet another alt currency purely designed by its creators to artificially inflate its perceived value, so they can dump their stocks and walk away, leaving early adopters with a coin which has no real value, commonly known in the industry as a 'pump and dump'.
The registration of intellectual property remains a key component in structuring a crypto currency business. As with patents, the Isle of Man does not have its own registry for trademarks but registration is affected via the Trade Mark Registry, which is part of the UK Patent Office, namely the Trade Marks Act 1994 applies to the Isle of Man. Any delay in obtaining appropriate advice regarding intellectual property could potentially result in difficulties in moving the intellectual property over to a reputable jurisdiction, such as the Isle of Man in the future. The tax efficient exploitation of intellectual property can yield startlingly beneficial results. The key to this success is identifying a piece of intellectual property before it has acquired any significant value. Whether the intellectual property is a patent, a copyright or an image right, the successful sale or assignment of this property to a corporate structure and the subsequent licensing structures used to take advantage of various double tax treaties allows our clients to enjoy the maximum benefit possible from their creative abilities.
ILS World is a global leader in the crypto currency space and has been assisting companies as they formalise their plans for the future, including banking and intellectual property requirements. Our crypto currency services are global, and we can assist you with:
For more information about ILS World's Crypto services please contact us.