The Isle of Man introduced the Designated Business (Registration & Oversight) Act 2015 (as amended June 2019), under which we can register a company as a ‘Designated Business’, meaning anyone who undertakes:
“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”
Designated businesses are registered and overseen by the Authority for AML/CFT compliance only.
