What is the Designated Business Act?
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 cryptocurrencies 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.”
This is an ideal solution if your business is looking to accept crypto payments.
What is required to register?
The DBA 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?
With extensive knowledge and experience in the team, we have a proven track record of guiding clients of all sizes through the Designated Business Act application process. We work closely with our clients to understand their needs and provide open and transparent dialogue from day one to make sure our customers know exactly what to expect along the way.To speak to our team about how we can help you, please email firstname.lastname@example.org or set up a consultation meeting now.