Digital Isle of Man has established a Blockchain Office and launched an Isle of Man Sandbox to support blockchain companies treading through regulatory landscapes.
This comes as part of the Isle of Man’s goal of becoming an international hub for blockchain businesses, through a supportive and collaborative environment, the group said.
This new Blockchain Office will primarily focus on facilitating dialogue between businesses and regulators and helping blockchain platforms design and future-proof their concepts in line with regulations.
In addition to this, the office will offer expertise, guidance and marketing support, as well as encouraging collaboration between companies.
As one of the first acts from the new office, it is launching the blockchain sandbox. Applications will open from March 2019 and the programme will launch in Spring.
Early participants will not be charged fees for the facility which provides the necessary tools to develop and test blockchain platforms.
Daphne Caine MHK, political member for Digital Isle of Man said, “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.
“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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