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Maine ICO license

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Obtaining an ICO license in the Isle of Man in 2020

Advantages of obtaining a license for conducting cryptocurrency activities in this jurisdiction:

  • Economic and political stability;
  • An enabling environment for the registration of crypto companies;
  • Low cost of obtaining a license for carrying out operations related to the ICO;
  • Attractive taxation conditions;
  • A relatively fast process for preparing documents.
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The Isle of Man, located in the Irish Sea, was previously not particularly known as a profitable jurisdiction for cryptocurrency activities. Recently, everyone just talks about benefits of e-currency. Recently, a number of laws have been passed in this jurisdiction, according to which the government has opened its doors to obtain an ICO license on the Isle of Man numerous entrepreneurs.

The Financial Supervisory Commission (FSC) has announced plans to implement anti-money laundering (AML) rules in the digital currency industry. The island's government sets itself the goal of reaching the forefront in cryptocurrency licensing.

Entrepreneurs, wishing to obtain licensed permits to work with bitcoins on the Isle of Man, must conduct their entrepreneurial activities in accordance with the Anti-Money Laundering Act, 2015.

This jurisdiction provides high-quality financial and electronic services, which is a logical continuation of the diversification of the global business offer. Laws, islands comply with FSC rules, aimed at reducing a financial crime and supporting the economy.

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Authorities hope to take right steps by offering supportive and proportionate regulatory oversight in an effort to attract foreign businessmen. Therefore, we recommend you to consider this jurisdiction and to receive for personal advice on obtaining an ICO license on the Isle of Man.

In order to issue a license to work with ICO here, first you must register an enterprise in the Isle of Man. Every year, a registered company will have to file an annual income statement. The declaration can be submitted from October 1 of each year, and it must be submitted before November 1 of that year. The company must have a local secretary.

To open a company on the Isle of Man in order to obtain a license for cryptocurrency activities on the Isle of Man, a state fee is as follows:

  • A down payment and subsequent state fee for the registration of the company is 857 €;
  • The annual license fee to the state is 433 €;
  • An application with IOMFSA for registration of a registered business is 1000 €.

An application for consideration of obtaining a license for cryptocurrency activity in the Isle of Man may take 3 months, after which it is submitted to the Council of the Isle of Man. Therefore, in order for such a lengthy procedure for reviewing documentation to occur in the right direction, you definitely need a proper consultation of IQD Consulting specialists on applying an ICO license on the Isle of Man.

Feel free to contact us with any feedback form convenient for you, and we will advise on how to apply for a cryptocurrency license on the Isle of Man.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
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