Isle of Man

Designated Business Registration
Crypto Exchange in the Isle of Man

Financial Authority Adopts Stricter Requirements
Substance Requirements

Financial Authority Adopts Stricter Requirements
Substance Requirements

Cryptocurrency companies filing for registration under the self-governing territory’s Designated Businesses Act 2015 will be required to meet two new criteria.

The updated policy states that companies must have at least two directors who are residents of the island. In addition, registered entities must be managed and controlled from the Isle of Man. The new rules are designed to improve the oversight of businesses involved in cryptocurrency-related activities.

The Isle of Man Financial Services Authority (IOMFSA) believes that companies that are managed outside its jurisdiction or those that do not maintain a sufficient presence in the territory pose an “unacceptably high risk” of illegal activities such as money laundering or terrorist financing.

For a relevant sector company (other than a pure equity holding company), to have adequate substance it must ensure that local Directors (2) are appointed and that the Management and Control is in the Isle of Man, IOMFSA is placing the emphasise on the local Directors to ensure that the companies fully comply with local legislation.

In this matter of Substance Requirements, you can count on TBA to help you with all you will be needing through our own local associates.

How long will an application take?

Once received the application will be processed in accordance with the Authority’s Licensing Procedure. The Authority’s current published service standard for processing an application, from receipt of the application form to a hearing by the Board, is 3 months. This standard applies to an application with which there are no major difficulties concerning the applicant or people connected with the applicant.

An application may take considerably longer than 3 months to process if it is incomplete or if there are issues in relation to the applicant or any of its key persons that require further investigation before a recommendation can be made to the Board of the Authority. To ensure your application is processed as quickly as possible, it is important that you arrange for all the necessary forms and documentation to be completed as accurately as possible and submitted in a timely manner.

During the processing of your application, two-way communication with the Authorisations Division is essential. This dialogue will allow the Authorisations Division to gain a better understanding of the business, which may also speed up the application process.

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Our company is EXCLUSIVELY engaged in assisting worldwide clients, either individuals or corporate entities, to get duly and properly registered and licensed with local Regulators and Financial Authorities to get respective official licenses to legally carry out their cryptocurrency business activities.

Atrium Legal Lab does not carry out any sort of cryptocurrency business trade or financial service!

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