The Isle of Man is a self-governed dependency of Great Britain found in the Irish Sea. The largest sectors by gross national product of the Isle of Man are insurance and egaming with 17% of the GNP each and ICT and banking with 9% GNP.
The gaming industry in the Isle of Man tripled in size between 2006 and 2011 and became of the largest industries, apart from insurance, of the Isle of Man. Due to its independent status, the Isle of Man offers a number of incentives for companies to move their business there, such as VAT exemption, 0% corporate tax and low tax on gross gaming yield.
The Isle of Man is emerging as one of the foremost pro-cryptocurrency jurisdiction, with the Department of Economic Development announcing that a framework shall be introduced regulating digital currencies and promoting business opportunities.
|REMOTE GAMING LICENCES: 49||REMOTE GAMBLING MARKET SHARE: 17%|
|REGULATOR: Gambling Supervision Commission||APPLICABLE LAW: Online Gambling Regulation Act 2001|
|TECHNOLOGY: Emerging technologies – cryptocurrency|
Whilst the Gambling Supervision Commission (GSC) was established in 1962 to protect the interests of gamblers, in 2001, the Isle of Man was one of the first jurisdictions to regulate online gambling. The status and constitution of the GSC are set out under the Gambling Supervision Act 2010. The main regulatory objectives of the GSC are:
- To ensure that gambling is conducted in a fair and open way;
- To protect minors and other vulnerable person from being harmed, influences or exploited by gambling; and
- To prevent gambling from being a source of crime or used to support crime.
The main legislative framework that governs online gambling in the Isle of Man is the Online Gambling Regulation Act (OGRA) of 2001. All forms of online gambling and gaming are potentially licensable under OGRA except for spread betting, as set out in the Online Gambling (Prescribed Descriptions) Regulations 2007. The Online Gaming Exclusions Regulations pf 2010 further enlists the list of activities which would not require a licence under the OGRA.
- 0% VAT for non-EU gaming
- 0% Corporate Tax
- Cryptocurrency Accepted
- Payment Solution Providers Approved
- Incorporation of Isle of Man Company
- Two Local Directors + one Designated Official
- Servers in Isle of Man
- Application and Annual Fees
- Standard Documents and Information