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Laxman Pai, Opalesque Asia: The Island of Man (IoM) has decided to promote the blockchain in the country by creating a new blockchain hub in the country, the Blockchain Office.
According to the government of self-governing British dependency, this is a key decision in order to help the blockchain growth in the country and will in order to create a space that will be favorable for the development of new projects focused on the blockchain technology.
The government executive agency has also launched an Isle of Man Sandbox in order to guide blockchain businesses through the existing and future regulatory frameworks in accordance with relevant legislation and regulation.
The Sandbox will benefit from the expertise garnered from future participation in other international forums and Sandboxes that encourage cross-border testing.
These initiatives form part of a new commitment from the self-governing British dependency to become an international hub for blockchain businesses.
The island's authorities stated that they will not regulate blockchain in isolation, giving businesses the flexibility to best use this emerging and transformative technology.
Digital Isle of Man, an executive agency of the Department for Enterprise, has officially announced the two-part initiative. According to the CEO of Digital Isle of Man, Lyle Wraxall, the Blockchain Office and Sandbox will be very important for the country in order to create a jurisdiction that will be suppor...................... To view our full article Click here
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