Highly experienced team with a great understanding of your needs
At MannBenham, we have always been at the forefront of digital technology and have helped pave the way forward for digital currencies.
The Isle of Man was an early adopter of legislation to regulate cryptocurrencies within its jurisdiction. The Proceeds of Crime Act 2008 was amended in 2015 to include virtual currency businesses within its regulated sector as a designated business, specifically those that are in:
“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”
These companies have to report to the authorities if they suspect a person using their business is engaged in money laundering. They will also have to assist in identifying the person they believe is involved. We assist cryptocurrency businesses in drafting and implementing Know Your Customer (KYC) practices, collecting ID information and running background checks so this can be passed on to the authorities if they suspect money-laundering activity.
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Digital currency businesses have to comply with the Isle of Man’s Anti-Money Laundering laws – being accountable to a reputable supervisory body brings credibility. Both our advisers and legal teams work closely with cryptocurrency businesses to implement compliance and corporate governance processes and procedures.