The Isle of Man offers a uniquely cost-efficient and supportive environment for Digital Asset Custody (“DAC”). The regulatory environment ensures the industry is crime-free while providing a conducive framework in supporting growth.
DAC providers 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”
DAC falls within this definition, meaning one 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 a company and register as a DAC provider
- 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
SolutionsHub are experts in regulatory approvals and banking for blockchain business models. Key notes:
- Bank accounts and crypto-friendly clearinghouse. One-week turnaround
- Secured banking facilities for ICO & STO-funded businesses
- 100% approvals for blockchain business registrations
- Access to syndicate networks, market-makers and OTC desks
- Experienced in insured digital asset custody