The Isle of Man is well on the way to becoming a key global centre of blockchain innovation, said a leading figure behind the island’s push for digital leadership.
Speaking to IBS Intelligence at Blockchain Week 2019, held at the Grange Tower Bridge Hotel in London, Lyle Wraxall, chief executive of Digital Isle of Man, said that the self-governing British dependency has formed its own blockchain office as well as an Isle of Man Sandbox in its bid to become an international hub for blockchain businesses.
The sandbox, he said, will provide participants with an environment where they can test their blockchain platforms and other innovations. Companies can apply to join it from next month.
“The government of the Isle of Man needed a strategy of blockchain, which we’ve been working on with them,” he said “We’ve also been talking to blockchain entrepreneurs globally, hearing their perspective.”
Wraxall pointed out that the Isle of Man is already home to a thriving financial services sector, as well as being a leader in e-gaming, both verticals already having a solid track record in the adoption of blockchain.
“We see ourselves as a fast follower of all the best things that are going on in the sector around the world, which we’re in a position to adopt fast which we can do being small and agile,” he added. “We’re leveraging that strength to create a blockchain jurisdiction and encourage true innovation.”
Wraxall said he believes the Isle of Man could attract blockchain companies to the island by offering a favourable approach to regulatory hurdles, copying best practice found elsewhere. He said the sandbox approach will help blockchain platforms design and future-proof their concepts in accordance with relevant legislation and allow for a fruitful dialogue between businesses and regulators, as well as provide expertise and marketing support and a forum for collaboration.