Isle of Man introduces pre-regulation of crypto companies
Cryptocurrency startups operating in the Isle of Man notified by local regulator IOMFSA to pre-register business
The innovation follows the publication of new guidelines by the regulator in the fall of 2020. It said that for digital tokens issued using blockchain technology, regulation is provided, as for DLT tokens.
This means that the regulator will put forward a number of simple requirements for cryptocurrency startups. All local companies must have an Isle of Man presence and be managed by at least two resident executives. This, according to IOMFSA staff, will ensure effective oversight.
However, while a pandemic is raging on the planet, the regulator decided to introduce an additional service for companies that plan to settle on the Isle of Man and conduct a cryptocurrency business here.
The essence of the innovation is pre-registration, which can be completed online before the actual deployment of the business on the island. Maine.
This allows you to start working in the cryptocurrency field, and then continue after the restrictions are lifted and the business can be deployed on about. Maine. The main thing is that business transactions do not change in a special way.
True, the company will not have officially registered status until the move. But there will be confidence in a quick and successful registration when it finally happens.