The Isle of Man continues to embrace and nurture this evolving sector.
The government has long expressed the desire to develop permissive legislation designed to encourage growth and the Designated Business Act requires all cryptocurrency business to formally register with the government and submit to inspection by the Isle of Man Financial Services Authority. The government has also set up a "sandbox" which provides a proving ground for companies to live-test their innovative offerings.
At ILS World the digital team understand the enormous potential of the blockchain and a member of our team worked on gaining the first cryptocurrency/blockchain gambling license in the world. The team has recently advised on:
• NFT (Non Fungible Tokens)
• ICO (Initial Coin Offering)
• ITO (Initial Token Offering)
• Crypto exchanges
• Holding crypto assets
Digital currency businesses must comply with the Isle of Man's anti-money laundering (AML) laws and the government amended Proceeds of Crime legislation to cover crypto related companies operating from the Island.
• Independent and objective advice on any blockchain for crypto related activity
• Assistance with the complex and demanding licence application
• Bespoke corporate structuring
• Company formation and management
• Provision of directors
• Foundation registration
• Tailored banking solutions
• Trademark and intellectual property protection
• Company administration
• Business incubation
• Accounting, bookkeeping and VAT
• Provision of AML and CFT manuals.