By joining the Digital Isle of Man Accelerator Programme, you will immediately have access to the wealth of benefits that are available.
The Accelerator Programme supports businesses at three levels, Associate, Member and Partner:
The Associate level is for businesses considering the Isle of Man as a base and allows businesses to be associated with the Digital Isle of Man Accelerator Programme through visibility on the Digital Isle of Man website and promotion through our channels. For businesses looking to secure funding or interest in their proposition, our promotional activities will help to raise the profile of blockchain businesses in the Accelerator Programme and increase exposure to potential investors. Associates will have a dedicated account manager and be introduced into the Island’s ecosystem and our Supporting Partners who are experienced in supporting technology businesses, all providing guidance and a supportive sounding-board.
The Member level is for businesses in the process of establishing a base in the Isle of Man. In addition to the benefits of being an Associate, Members will have access to the Island’s supportive Government, relocation support, regulatory acceleration support and guided access into the sandbox (if required). We’ll also make the transition as seamless as possible, providing networking opportunities with the Island’s ecosystem and supporting your good news with PR and marketing coverage.
The Partner level is for businesses with an established base in the Isle of Man. In addition to the benefits of being Associate/Member, Partners have the ability to shape the jurisdiction through access to Government and participation in the Blockchain Forum. Partners will also have the opportunity to contribute towards quarterly events and showcases on and off the Island to promote their business. The Island has a number of grants and assistance schemes to support business growth and we will provide support and assistance through the application process.
We work closely with our network of supporting partners – the on-Island experts offering services including business incorporation, regulatory guidance, and data and security solutions – who are all on hand to facilitate driving your business forward.
The Isle of Man has positioned itself at the forefront of establishing and adopting regulatory frameworks around nascent disruptive business sectors and blockchain (and distributed ledger technology more broadly) is another such business.
The Isle of Man’s regulatory position has always been one that is tech agnostic, where it is the activity that is judged for regulation, not the underlying technology. This provides businesses with the degree of clarity and certainty they seek as they test and establish the technology and digital assets into their operations.
Using flexible licencing arrangements and conditions where possible, more commonly described as a Sandbox, the Isle of Man allows blockchain based and/or digital asset based businesses to explore opportunities and adapt as the technology evolves. Digital Isle of Man works closely with business leaders, regulators and professional service providers to come together, provide guidance and establish best practice where necessary.
The Island also provides a financially rewarding base for your business, with 0% standard rate of corporate tax, no capital gains tax and personal tax rates that are among the lowest in Europe.
At the Isle of Man Financial Innovation Hub, we coordinate our thinking and interaction with an ever-changing technical landscape. A collaboration between the Digital & Finance Agencies and the Financial Services Authority (FSA), this Hub represents a point at which we can combine business, Government and Regulators in a dialogue to understand new propositions and how we might best support them.
This also allows us to develop responses to future challenges in order to remain at the forefront of supporting new technologies and propositions, whilst at the same time balancing the need to maintain our high standards of regulation and consumer protection.
The Financial Innovation Hub is not a place or a defined set of people, it is access to a combination of resources that can work alongside you in a cooperative and positive manner.
Increased communications and interaction:
Our hub serves as a central point for enhanced communication and streamlined workflows. By promoting an open dialogue directly between Government and innovative businesses, we create an environment where the best ideas can rise to the surface and be supported in achieving their full potential.
Expertise to assess propositions:
Have access into our pool of experts who possess the knowledge to work with you to assess innovative propositions. We facilitate access to insights on regulatory frameworks and obligations, whilst at the same time, allowing you to provide feedback to shape proposals for potential new solutions – a true two-way dialogue.
Innovation and regulatory stability:
Our aim is to work with industry to embrace innovation within an appropriately-regulated environment.
This includes a commitment to explore pathways to the marketplace for more creative and technology-based solutions.
Meeting the challenge of fast-paced innovation:
In the face of fast-paced innovation, we stand as a beacon of support. Our hub is designed to help you meet the challenges head-on, ensuring that your innovative endeavours align with regulatory requirements without compromising speed and agility.
Dispelling myths about regulatory complexity:
The Isle of Man Financial Innovation Hub aims to dispel myths surrounding regulatory complexity and the ‘offshore’ stigma. We provide clarity and transparency, showcasing the clear regulatory pathways that exist for innovators on the Isle of Man.
Pre-defined pathways for propositions:
We offer pre-defined pathways to assess and support propositions throughout their lifecycle. Our goal is to provide a structured framework that ensures a thorough evaluation while expediting the regulatory process.
Embrace innovation within the context of existing regulation in the regulatory sandbox element of the Financial Innovation Hub, managed by the Financial Services Authority. This initiative allows you to test and refine your ideas in a controlled environment with the oversight of the Regulator.
Continual learning and feedback loop:
We believe in the importance of a continual learning process. Our hub provides a feedback loop that facilitates ongoing improvements to ensure the Island keeps pace with emerging technologies and enhances its reputation as an agile and forward-looking jurisdiction.
Observatory for unregulated activity:
Stay ahead of the curve with our observatory for unregulated activity. We actively monitor global trends and opportunities, proposing new or amended regulations based on a deep understanding of the ever-changing digital landscape. We add to this the ability to bring your proposition into the Observatory because it has the potential to be regulated in the future, or because it is a supporting ecosystem item that may never be regulated in its own right, but has an effect or implication on regulated space.
Become part of a support structure dedicated to innovation, regulatory excellence, and continual learning. Contact us today to explore how the Isle of Man Financial Innovation Hub can empower your ideas and contribute to the dynamic digital future of the Isle of Man. Initially contact us on email@example.com and we will contact you to talk about how you interact with the Financial Innovation Hub.
“It’s been a while since we first spoke about the UK’s Financial Conduct Authority’s Temporary Registration Regime which applies to crypto businesses seeking registration under the Money Laundering Regulations 2017, but it’s worth revisiting after nine months.
On 18th September 2020, the Isle of Man Financial Services Authority (“IOMFSA”) published guidance setting out its position regarding the applicability of financial regulatory requirements to cryptoassets and tokens issued using Digital Ledger Technology (“DLT”), such as blockchain.
Contact our team now to discover how joining our thriving blockchain ecosystem will take your business to the next level.
Head of Strategic Partnerships