The Department of Economic Development has worked closely with the Isle of Man Financial Services Authority (FSA) and industry to develop a suitable regulatory environment for both Investment and Debt Crowdfunding platforms.
The new legislation will provide the regulatory framework to allow crowdfunding platforms to establish their businesses on the Isle of Man. Platforms already existing and those looking to establish on the Island will be required to apply through the Isle of Man Financial Services Authority for a new Class 6 Crowdfunding License.
Laurence Skelly MHK, Minister for the Department of Economic Development, commented:
'The new Crowdfunding Regime is a truly international initiative that is set to give a home to crowdfunding platforms looking to expand into a global marketplace. The new legislation has been designed to bring more business to the Isle of Man and further establish us as a home for innovation and entrepreneurialism.'
John Garland, Head of Corporate Financial Services at the Department, commented:
'We have been working very closely with the Isle of Man FSA and local industry to develop a robust and business friendly licence that can support new and exciting business on the Isle of Man. The use of crowdfunding platforms complements our significant experience in professional and financial services while further showcasing the Island as an international centre for Fintech and e-Business. The Isle of Man is the first international business centre to introduce this type of legislation and we believe it will support the creation and growth of new businesses on the Isle of Man.'
