Isle of Man eMoney

The Isle of Man recently introduced the issuing of eMoney to its suite of licensable activities (separating it from general banking) and since then has had a handful of applicants. For more details about eMoney generally see our main article in the products section. The Isle of Man regulated the origination of electronic money/vouchers (excluding vouchers only redeemable against their issuer) and the making of payments as a service to third-parties. The main benefit of the Isle of Man for this type of licence category is its 0% tax regime (for more information see our article on Isle of Man companies and their taxation). The license process is fairly involved and requires some local presence. The timescale for an application is unclear given that so few applicants have yet been processed but based on other similar licenses it would be reasonable to allow around six months. In terms of licensing cost the Isle of Man compares favourably to other countries.