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Cryptocurrencies

Isle Of Man initiates blockchain office and developmental sandbox

Wednesday 6 February 2019 | 12:41 PM CET

The Isle of Man has announced the formation of a Blockchain Office and a developmental sandbox, according to ETH News.

The move was made in part with help from the Digital Isle of Man in hopes of transforming the island into an ‘international hub for blockchain businesses’. In June 2018, the Digital Isle of Man became a member of the British Blockchain Association (BBA). The BBA is a non-profit organization that works to promote the education and adoption of blockchain technology.

As the agency looks to build an infrastructure for blockchain development in the country, the Blockchain Office will act as a dialogue facilitator between businesses and regulators. The Office aims to help platforms design and future-proof their concepts in accordance with relevant legislation and regulation and to provide expertise, guidance and marketing support, as well as facilitate and encourage collaboration between companies.

According to the report, those looking to be a part of the Isle of Man Sandbox can begin the application process in March 2019, with the space becoming fully functional in early spring. Early participants will not be charged registration fees in order to use the facility.

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