Adel has decided to create a separate limited liability company called Adel Ecosystem Ltd. in the Isle of Man in order to establish a clear legal structure for Adel Services and the Adel community. The decision was made to set up a clear legal and tax regime in connection with crowdfunding that will fuel blockchain innovation.
The new legal entity will be registered as a designated business with the Isle of Man Financial Services Authority. As such, the entity will follow AML/CTF rules stemming from the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015. Part of its compliance will include the implementation of customer due diligence, also known as the Know Your Customer (KYC) process. Therefore, participants in crowdfunding will have their contributions protected from any fraudulent activities by anonymous investors.
Gabriel Dusil, Co-Founder and Board member at Adel: We are very excited to be the first ICO to comply with Anti-Money Laundering and Counter-Terrorism Financing regulations. As distributed ledger technology becomes more accepted by mainstream investors, we hope the legal structure and protection offered by Adel will act as a template for future ICOs. It is our top priority to protect the contributions of our members, protect our staff, and establish a strong brand.
Gabriel further adds: These are positive steps towards maintaining a long-term and stable incubator for blockchain technology, and for legitimizing our ecosystem. Our stance on regulatory compliance will also open our ICO to a much wider audience of interested contributors.
Establishing an LLC in the Isle of Man, along with AML/CTF compliance, will ensure that the Adel community maintains a secure and long-term viable incubator for blockchain technology investment. Distributed ledger technology is a new and dynamic sector that is evolving quickly. Adel Ecosystem Ltd. will both protect members and address future regulatory requirements as they are introduced.