The Isle of Man continues to embrace and nurture the evolving and fast-moving digital industry. The Isle of Man Government established a digital department dedicated to this sector. This set up a ‘sandbox’ which provides a proving ground for businesses to live-test their innovative offering.
The Government has long expressed the desire to develop permissive legislation designed to encourage growth and the registration policy for designated businesses. This means that crypto businesses are required by the Financial Services Authority to register and have a physical presence on the Island with at least two resident directors. Ensuring management and control of the business locally.
Businesses must comply with the Isle of Man’s anti-money laundering laws and proceeds of crime legislation, that has been amended to capture crypto related businesses operating from the Island. A money laundering reporting officer is required for designated businesses, whilst they do not need to be resident, they must have a thorough understanding of local regulations.
At ILS World, our digital team understands the enormous potential of blockchain. Over the past ten years we have been involved in a variety of different digital projects. From Initial Coin Offering (ICO), Non-Fungible Tokens (NFTs) to Global software licencing non-Fungible tokens.
Our specialists can assist your business with blockchain eGaming licencing, crypto trading, digital assets, and owning and monetising intellectual property (IP).
How ILS World can help:
• Independent and objective advice on any blockchain and 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
• Acquiring a Designated Business Act (DBA) registration
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