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    Can one register and provide digital asset custody from the Isle of Man?

    Yes. Insured, uninsured, hot and cold storage models are acceptable. 

    What is required to register?

    Custody providers are required to register with the Financial Supervision Authority as a Designated Business. The registration ensures businesses comply with customer/user verification and monitoring standards (applying a ‘risk-based approach’) while affording them the flexibility of operating unrestricted from a formal regulatory framework. 

    To comply with the DBA requirements, the applicant must; be an Isle of Man Company, appoint 2 Isle of Man resident directors, have appropriate user onboarding and ongoing monitoring and appoint a suitable Money Laundering Reporting Officer.

    How long does it take to register?

    The time to register is at the FSA’s discretion, but we regularly experience a three-week turnaround. To ensure a timely registration we submit an additional document covering the sensitive issues not contained within the required registration forms. We also correspond with the FSA where necessary to speed up the process. 

    How can SolutionsHub help?

    We can advise over elements of the process or project-manage the whole process end-to-end. 

    To speak to our team about how we can help you, please email or set up a consultation meeting now.