Isle of Man
Designated Business Registration
Crypto Exchange in the Isle of Man
Isle of Man Cryptocurrency Laws
- BVI Cryptocurrency Licensing and Regulations
- Canada MSB Crypto License
- Czech Republic – Crypto License
- Isle of Man Cryptocurrency
Exchange & Trade
Crypto Exchange & Wallet License
- Cyprus Brokerage Services
Forex Trading License
- Labuan Money Broker License (Forex)
- Mauritius Investment Dealer
& Broker License
- Seychelles Securities Dealers License, Forex
- Vanuatu Securities Dealers
Licenses - Forex
Institutions (EMI - PSP)
- Canada MSB
Alternative to EU EMI license
A Location for E-Money and Payment Institutions
Ireland EMI License
Payment Intermediary Services
Online Payment Services Provider (PSP)
- New Zealand FSP
Financial Services Providers
One of the World’s Prime Location for
E-Money and Payment Institutions
- BVI Hedge Funds
- Panama PIF20 – PIF50
Private Placement Funds in Panama
- UK PFLP
Private Fund Limited Partnerships
- Luxembourg - Private Asset
Management Company (SPF)
- Luxembourg SOPARFI
Holding & Finance Company
- Vanuatu Securities Dealers
Foreign Exchange (FX)
The Isle of Man, referred to as the “World’s Most Attractive Base for Crypto Companies,” has very cryptocurrency-friendly laws for both retail investors and crypto companies.
The island is known for its low taxes and cryptocurrency-friendly establishments.
The Isle of Man was an early adopter of legislation to regulate cryptocurrencies within its jurisdiction. The government amended the Proceeds of Crime Act in 2015 to include virtual currency businesses within its regulated sector as a “designated business,” specifically those that are in “the business of issuing, transmitting, transferring, providing safe custody or storage of, administering, managing, lending, buying, selling, exchanging or otherwise trading or intermediating convertible virtual currencies, including cryptocurrencies or similar concepts where the concept is accepted by persons as a means of payment for goods.”
This resulted in certain crypto businesses being subject to “anti-money laundering laws, requiring the use of know-your-customer practices, such as collecting identifying information, knowing the beneficial owner of any currency, and record-keeping and reporting requirements for certain transactions.”
The Isle of Man distinguishes between four different types of online currencies:
– Digital currency refers to any electronic representation of a fiat currency, and this can include representations of virtual currency.
– Virtual currency is a narrower asset and is a digital representation of value which can be traded digitally. The nature of a virtual currency means that it does not need to be centrally controlled or administered. Virtual currency can be either convertible or non-convertible.
– Convertible virtual currency, which includes cryptocurrency, can be converted into a fiat currency, either directly, or through an exchange. For a currency to be convertible, there does not need to be set rate or an established benchmark, but that merely a market exists, and the ownership rights can be transferred from one person to another, whether for consideration or not.
– Non-convertible virtual currency, once purchased, cannot be transferred to another person and cannot be redeemed for fiat currency, either directly or through an exchange. (Note that the Schedule 4 to POCA [Proceeds of Crime Act] definition does not extend to non-convertible currency businesses).
The Designated Business Registration and Oversight Act 2015 provides that virtual currency businesses are designated businesses, requiring such businesses to register with, and be overseen by, the Isle of Man Financial Services Authority. Virtual currency businesses are defined in the Act as those that are in “the business of issuing, transmitting, transferring, providing safe custody or storage of, administering, managing, lending, buying, selling, exchanging or otherwise trading or intermediating convertible virtual currencies, including crypto-currencies or similar concepts where the concept is accepted by persons as a means of payment for goods or services, a unit of account, a store of value or a commodity.”
Further, the island’s Financial Services Authority (FSA) recently released guidance that specific cryptocurrencies will not be considered securities, such as Bitcoin and Ether, and will therefore fall outside of regulatory oversight. This means that “companies operating with such assets must register with the FSA as ‘Designated Businesses’ and comply with anti-money laundering and countering the financing of terrorism requirements,” but these entities will not require a financial services license. To determine if a cryptocurrency is a security, the FSA will look at “substance rather than form,” and it will “regulate entities undertaking activity with crypto assets and tokens that have the characteristics of securities or electronic money to the same extent as if they were issued in other forms.”
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