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Isle of Man Opens Blockchain Office, Introduces Software Supplier LicensePublished February 8, 2019 by Lee R
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.
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.”
The Blockchain Office will open its doors in February, with applications for consultancy services being welcomed from the beginning of March.
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.”
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 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.”
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.”
The application window for the new B2B software supplier licence is now open.