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Digital and Crypto Currencies

What are Digital Currencies?

Digital currency is a form of currency or medium of exchange that is electronically created and stored (i.e., distinct from physical, such as banknotes and coins). Some digital currencies, such as Bitcoin, are Cryptocurrencies. Like traditional money these currencies may be used to buy physical goods and services but could also be restricted to certain communities such as for example for use inside on-line gaming or social networks.

The most widely known type of digital currency, or Cryptocurrency, is Bitcoin, which came into existence in 2009.

Cryptocurrencies are based on very secure cryptographic algorithms that make them extremely difficult to forge.

The Isle of Man’s Position

In June 2014 the Department of Economic Development announced that the Isle of Man intended to take specific actions aimed at helping protect businesses and customers utilising digital currencies and provide an environment for high-quality businesses in this rapidly emerging field who wish to operate from the Island. Read the Government’s press release.

The Isle of Man is an acknowledged e-business centre of excellence. Significant online organisations have been operating from the Island since the 1990s. The business and technical community is skilled in servicing the requirements and needs of online business.

The Isle of Man's technical infrastructure is second to none. Every month billions of dollars worth of online transaction flow through the Isle of Man. The Island’s links, data centres, technical skills and ‘can do’ attitude ensure that the Island’s large electronic trading platforms stay online.

DCTS Services

DCTS can form and administer a corporate structure in the Isle of Man to suit the individual requirements of a client.

DCTS has experience in the preparation of business plans, anti-money laundering procedures and incorporating Digital Companies in the Isle of Man.

Specifically, the corporate services provided by DCTS for Digital Companies wishing to establish business in the Isle of Man include:

  • Preparation of business plans
  • Incorporation of a structure in appropriate onshore or offshore jurisdiction to meet client requirements, including facilitating the transfer of management of an existing structure
  • Advice and preparation on anti-money laundering procedures
  • Provision of registered office
  • Provision of Directors, Secretary and Officers
  • Statutory compliance services required by the Isle of Man
  • Appointment of Nominee Shareholders
  • Liaison with banks and financial institutions
  • Provision and maintenance of bank accounts, credit and debit cards. Bank reconciliation and supplier payments
  • Planning and advice in conjunction with specialist advisors on VAT and Tax matters
  • Administration of VAT returns and reclaim if applicable
  • Filing of annual returns and submission to authorities in the relevant jurisdiction
  • Completion and submission of annual company tax return in relevant jurisdiction