The Isle of Man offers a uniquely cost-efficient and supportive environment for Digital Asset Exchanges. The regulatory environment ensures the industry is crime-free while providing a conducive framework in supporting growth.
Digital asset exchanges face challenges with fiat banking, unsupportive regulations, single-license concentration risk, and compliance and operational costs. The Isle of Man solves these challenges.
The Isle of Man introduced the Designated Business (Registration & Oversight) Act, in 2015 (the “DBA”), 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”
A cryptocurrency exchange falls within this definition, meaning an exchange can register as a Designated Business with the Financial Services Authority (“FSA”) and conduct legitimate business in a safe, supportive, zero tax jurisdiction with a clean international reputation.
The Isle of Man offers:
- 0% corporate tax
- Four weeks to incorporate company and register as an exchang
- Access to bank accounts and crypto-friendly clearing bank
- Government support for up to 40% capital expenditure
- World-class technology infrastructure
- Easy access to politicians and key decision-makers
- British passport; £200k investment meets eligibility for British visa and passport program (will rise to £2m Q4 2019)