Can one register and operate a legitimate digital asset exchange from the Isle of Man?
Yes. Regulation makes the Isle of Man an ideal location to set up a crypto exchange. P2P, OTC, order book matching and other models are acceptable.
What is required to register?
Exchanges 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 two 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 firstname.lastname@example.org or set up a consultation meeting now.