Blockchain Office And Regulatory Sandbox Announced By Digital Isle of Man

Blockchain, News | February 6, 2019 By:

Digital Isle of Man (Digital IOM), an executive agency of the British dependency’s Department for Enterprise, has announced the establishment of a blockchain office and the launch of a sandbox.

Digital IOM acts as a key decision making and advisory body supporting the government’s ambition for long term economic prosperity for the sector. Its mission is to develop and implement a strategy which will support sustainable economic growth and establish the Isle of Man as a center of international excellence for the digital economy.

The new blockchain office and sandbox are part of a major new commitment for the Isle of Man to become an international hub for blockchain businesses, providing a fully supportive and collaborative environment. Digital IOM wants to help blockchain businesses navigate the island’s current and future regulatory landscapes.

The blockchain office will facilitate a dialogue between businesses and regulators, and help blockchain platforms design and future-proof their concepts in accordance with relevant legislation and regulation. It will also provide expertise, guidance, and marketing support, as well as facilitate and encourage collaboration between companies.

Through the new office, blockchain firms will be able to apply to participate in the sandbox, which will benefit from the expertise garnered from future participation in other international forums and sandboxes that encourage cross-border testing. The sandbox will provide participants with access to an environment where they can develop and test blockchain platforms. Companies will be able to apply to join the sandbox from March 2019, with the office expected to be fully functional in the spring.

“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,” said Lyle Wraxall, CEO of Digital Isle of Man. “We are looking to attract premium blockchain businesses and the world’s top exchanges to the Island, and we will be creating new tech-agnostic regulation inspired by best practice that we’ve seen from other high-quality jurisdictions around the world.”

Daphne Caine MHK, Political Member for Digital Isle of Man, said that the island has been home to leading exchanges since 2013, and is the headquarters of blockchain businesses, adding that the creation of the blockchain office solidifies their commitment to maintaining their reputation at the forefront of innovation and emerging technologies.

“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,” Caine said.