Isle of Man launches new blockchain initiatives
Digital Isle of Man sets up a Blockchain Office and launches regulatory sandbox
An advisory body for the Isle of Man, Digital Isle of Man, has set its sights on the blockchain sphere through the launch of a regulatory sandbox for blockchain development. The British dependency has also set up a Blockchain Office, which will liaise between regulators and businesses, whilst working in tandem with developers to ensure legal compliance.
The move aims to solidify their position as a jurisdiction of choice for the blockchain industry and lure some of the world’s top crpto businesses to the self-governing British dependency.
“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,” said Lucy Wraxall, Digital Isle of Man’s Chief Executive.
The agency will also arrange collaborations between blockchain businesses, as well as providing advice and support to blockchain projects based on the Isle of Man.
The regulatory sandbox will provide legal space for blockchain developers to create and test their platforms, without the need for full regulatory compliance. Applications for inclusion in the sandbox open from March, with the office likely to be fully operational from spring.
Daphne Caine, a lawmaker on the Isle, said this would build on their reputation as a blockchain-beneficial jurisdiction. She explained, “The Isle of Man – which was among the first jurisdictions in the world to establish a legislative framework for virtual currencies – has been home to leading exchanges since 2013, and is the headquarters of blockchain businesses including CoinCorner, Quanta, Luckbox and Qadre.”