Setting up or dealing with digital currencies?
We have always been at the forefront of digital technology and have helped pave the way forward for cryptocurrency
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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.

The Isle of Man distinguishes between four different types of online currencies:

  • Digital Currency
    Refers to any electronic representation of a fiat currency and this can include representations of virtual currency.
  • Virtual Currency
    This is a narrower asset and is a digital representation of value which can be traded digitally. The nature of a virtual currency means that it does not need to be centrally controlled or administered. Virtual currency can be either convertible or non-convertible.
  • Convertible Virtual Currency
    Includes cryptocurrency, can be converted into a fiat currency, either directly, or through an exchange. For a currency to be convertible, there does not need to be set rate or an established benchmark, but that merely a market exists and the ownership rights can be transferred from one person to another, whether for consideration or not.
  • Non-Convertible Virtual Currency
    Once purchased, cannot be transferred to another person and cannot be redeemed for fiat currency, either directly or through an exchange.

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.

Talk to us today
If you need to talk to someone around Cryptocurrency, then take the first step and email enquiries@mannbenham.com or call us on 01624 639350 to arrange your free initial consultation with us today over the telephone or video.

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Reasons to use MannBenham

Personal Service

Always professional, providing an exceptional level of service to our clients

Always professional, providing an exceptional level of service to our clients

Everything we do is backed by leading legal professionals and an extensive range of advisory and support services designed to meet our client requirements and exceed expectations

Always Professional

We believe being professional is about us giving our best at all times

We believe being professional is about us giving our best at all times

We remain professional at all times, treating everyone respectfully and with courtesy, listening and understanding our clients needs

Global Solutions

MannBenham Advocates, Advisory and Fiduciary solutions are truly global

MannBenham Advocates, Advisory and Fiduciary solutions are truly global

MannBenham’s global reach combines Isle of Man excellence with cross-jurisdictional expertise creating a complete integrated approach

Wealth of Experience

We pride ourselves on the wealth of our experience and knowledge

We pride ourselves on the wealth of our experience and knowledge

Our experience and expertise crosses both commercial and personal, delivering real solutions that satisfy our clients expectations

Contact us today to discuss your requirements

MannBenham | 49 Victoria Street, Douglas, Isle of Man, IM1 2LD | Email: enquiries@mannbenham.com | Telephone: +44 (0)1624 639350