Digital Isle of Man has responsibility for the expanding digital sector in the Isle of Man, including the international e-Gaming industry, digital economy and digital media sector. The organization works with the government, private industry and supporting groups.
The new initiative is part of a new concept to propel the Isle of Man into becoming an international hub for blockchain businesses and providing a landscape for businesses to make use of the transformative technology.
The initiative is built on the formation of the Isle of Man Blockchain Office, which will facilitate interactions between businesses and regulators, enabling blockchain platforms to design crypto-concepts in line with the required legislation and regulation. The Office will also offer expertise, guidance, and marketing support. There will also be opportunities for companies to work together.
Isle of Man
The Isle of Man is a British Crown dependency located in the Irish Sea, between Great Britain and Ireland. The head of state is Queen Elizabeth II, and while there are close ties with the U.K., the island is self-governing.
The island has been at the forefront of several digital innovations, and it plays an important role in insurance and online gambling, which generate 17 percent of its Gross National Product (GNP) each, followed by information and communications technology and banking, which account for nine percent of GNP.
Isle of Man Blockchain Sandbox
With the establishment of the Blockchain Office, businesses can apply to participate in the service from March 2019. Commenting on the launch, Lyle Wraxall, CEO of Digital Isle of Man stated: “With the launch of the Blockchain Office and Sandbox, the Isle of Man is making a firm commitment to be a fully supportive jurisdiction for the blockchain industry.”
In particular, the office will focus on the interaction between blockchain and the eSports sector, which is assisted by Isle of Man legislation which permits virtual currencies to be deposited, withdrawn and gambled with eSports operators. Recently the Island has hosted the first blockchain-enabled lottery platform run on Ethereum, based on smart contracts.
The Isle of Man also serves as the headquarters of blockchain businesses including CoinCorner, Quanta, Luckbox and Qadre. The new Office is likely to see the number of blockchain businesses increase.