Digital Isle of Man has formed a Blockchain Office and launched an Isle of Man Sandbox, with the aim of guiding blockchain businesses through current and future regulatory landscapes.
These initiatives form part of the Isle of Man’s commitment to become an international hub for blockchain businesses.
The Island will not regulate blockchain in isolation, giving businesses the flexibility to use this technology as they see fit.
The primary function of the Blockchain Office will be to allow a dialogue between businesses and regulators, and to help blockchain platforms design their concepts in accordance with relevant legislation.
It will also provide guidance marketing support, as well as facilitate and encourage collaboration between companies.
Through the Blockchain Office, businesses will be able to apply to participate in the Isle of Man Blockchain Sandbox, for which applications will be open from March 2019. Early participants will not be charged fees for the facility, which aims to be fully functioning by the spring.
There will be a robust selection process as the Island seeks to create a “centre of excellence”.
Lyle Wraxall, chief executive of Digital Isle of Man, explained that the Crown Dependency “is making a firm commitment to be a fully supportive jurisdiction for the blockchain industry.”
Daphne Caine MHK, political member for Digital Isle of Man, added: “The Isle of Man has been home to leading exchanges since 2013, and is the headquarters of blockchain businesses including CoinCorner, Quanta, Luckbox and Qadre.
“The creation of the Blockchain Office solidifies our commitment to maintaining our reputation at the forefront of innovation and emerging technologies and responding quickly to new business models. It is encouraging to see that the sector is supported by a community of legal, accountancy and fiduciary firms, service providers and advisors, and the Island’s long-established financial services and e-Gaming sectors act as a strong foundation for the industry.”
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