Isle of Man Opens Blockchain Office, Introduces Software Supplier License

Published February 8, 2019 by Lee R

Isle of Man Opens Blockchain Office, Introduces Software Supplier License

A new Blockchain Office will centralise blockchain operations and bring the fintech community together on the Isle of Man. A software supplier license will also be introduced.

The Isle of Man is joining the blockchain revolution with both feet first!

Leading Digital Innovation

The bold new entry is part of a plan to enhance the Island's reputation for digital innovation.

It starts with the opening of a new Blockchain Office, which the Isle is self-styling as hub for crypto entrepreneurs and regulators.

Blockchain Office Goals

Set to open in the Spring, the new Blockchain Office project seeks first off to provide leading global research, advice and knowledge-sharing across the crypto community for discussions revolving around regulation.

Blockchain Program

Participating organisations will enjoy extensive contact and mentoring from technologists, regulatory experts and successful entrepreneurs while gaining access to the island's extensive business infrastructure featuring top-level accountancy and legal advisors.

Diverse Fintech In Place

The Isle of Man will be further promoting is reputation as an innovation leader as part of a burgeoning digital strategy to promote the many diverse sectors in the Island's thriving media and fintech communities.

Project Leader Speaks

Isle of Man Digital Agency Chief Executive Lyle Wraxall called the establishment of the blockchain office a clear message that we, as an Island, are going to be pro-blockchain through good regulation:

“That’s why the consultancy wing of the Blockchain Office helps mature businesses to the point where they have the knowledge they need before they enter the (Blockchain Office) Sandbox and start having that regulatory conversation.”

Local Network Infrastructure

Wraxall also called the island's well-developed financial services, infrastructure, and e-gaming industry experts as a “strong support network of expertise that can come in and plug any gaps for early-stage entrepreneurs, so the innovators are free to focus on what they do best: the technology and the innovation” while calling the Blockchain Office “the place where everything comes together to create an incredible ecosystem.”

Applications

The Blockchain Office will open its doors in February, with applications for consultancy services being welcomed from the beginning of March.

Exhibiting

You can catch the Isle of Man eGaming exhibit at ICE London in the ExCel Centre from February 5-7th at Stand N6-220, N7.

Software Supplier License

In other news, the Isle of Man authority has issued a new kind of licence designed to streamline the application process.

New B2B Supplier Licence

The new B2B supplier licence launched by the Isle of Man Gambling Supervision Commission (GSC) will not be mandatory for operators licensed in the Isle of Man, but the GSC said licencing for B2B gambling supplies will offer many benefits to holders, including GSC testing and certification of all applicant’s games.

New Benefits Promised

According to the GSC, the new licence further stands to open opportunities for collaboration with licensed operators in other jurisdictions.

Saving Time and Effort

The Head of the jurisdiction's Digital Executive Agency eGaming Isle of Man Tony Ure told iGamingBusiness.com that the time and effort the licence will save operators in terms of having their games certified stands to help holders on operating costs across the board.

Operational Cost Reduction

According to Ure, “the new licence has been created to help streamline the processes for businesses by reducing the layers of compliance required as well as provide potential cost savings...for E-Gaming Isle of Man, this new licence shows our continued proactive response to such a dynamic and fast-paced industry.”

Exceptional Quality

Ure also referred to the potential boost in appeal over other jurisdictions that this unique new licence could provide through supporting “exceptional levels of regulatory quality and innovation.”

GSC Benefits

GSC deputy CEO Mark Rutherford added that “software licensing is actually the most efficient way of achieving what we wanted and provides for greater efficiency in game deployment, lower costs and a shorter time-to-market for our existing operators.”

Operator Benefits

Rutherford added that “the benefit for the Isle of Man operators – the B2Cs – is that they get to see what products they can deploy straight away, secure in the knowledge that the GSC has already approved them, and it’s possible, with a following wind, that it’ll become a sort of directory of games.”

Availability

The application window for the new B2B software supplier licence is now open.

See also

Tax Relief Introduced for Isle of Man Gaming Operators

Isle of Man Economy with Record Gambling Highs

First Blockchain License in Curacao Issued with Far-reaching Implications

Isle of Man & UK Agree on Automatic Sharing of Tax Information

Blockchain and Bitcoin Russia Returning to Show It’s Many Sides in November


Yes! I want to know about exclusive bonuses, promotions, and news.

SUBSCRIBE