New Class 8 license on the Isle of Man

AstroPay Global (IOM) Limited has announced that it has obtained Class 8 Money Transmission Services license and is now regulated by the Isle of Man Financial Services Authority (IOMFSA).
 
In addition to the Class 8 License, AstroPay Global (IOM) Limited has registered under the Isle of Man Designated Business (Registration and Oversight) Act 2015 to be able to offer cryptocurrency services that are available to Customers via the proprietary AstroPay Application.
 
Paul Blake, Head of Banking and Fiduciaries, Finance Isle of Man said:
“Obtaining a new financial services license is no small feat. It demonstrates a commitment to the highest regulatory standards and best practices.

AstroPay is a significant international business, with operations around the world and I am delighted that they chose the Isle of Man to further enhance their global footprint. Finance Isle of Man was extremely pleased to have worked with AstroPay throughout the process.

Their decision to choose the Isle of Man, is a testament to the continued development of the emerging Fintech hub on the island. Finance Isle of Man, along with colleagues in Digital Isle of Man and the FSA, work to make the Island a fantastic jurisdiction when it comes to Fintech Innovation.

Collaborating closely with the broader Financial & Professional Services sector, Finance Isle of Man has actively nurtured an environment that makes the Island the natural choice for challenger Fintech enterprises. This highlights the Isle of Man's proactive stance in addressing the ever-changing demands of the finance sector.

I hope that this new licence will be a catalyst for the company’s continued growth and success."


John Cookson, Managing Director, commented:
"The support we’ve received from Finance Isle of Man has been fundamental to our success. Working alongside Finance Isle of Man and the IOMFSA from the start of the application process to where we are now, we couldn’t be happier to report that the experience throughout was exceptional. After this process, we can confirm that the IOMFSA has the highest standard of diligence and service and furthermore, together with their rapid responses throughout the whole process we are thrilled for this new era. We were encouraged to hold discussions with the relevant departments, which proved invaluable, allowing us to establish a working relationship and provided everyone with a sound understanding of our business and long-term plans."
 
Dan Johnson, Senior Manager of Authorisations, added:

"AstroPay Global (IOM) Limited engaged with the IOMFSA from the outset of the licensing process to explain its proposals and develop its application. We have a robust evaluation regime in place and the company was able to demonstrate a sound understanding of our requirements and expectations. The IOMFSA is open to FinTech innovation as part of a dynamic, appropriately-regulated finance sector and would encourage potential applicants to contact us at an early stage to discuss their plans."