ISLE OF MAN CREATES A REGULATORY “SANDBOX” FOR BLOCKCHAIN COMPANIES

The Advisory body on self-government of the Isle of Man, which is part of the UK, opened a center to promote the development of the blockchain, reports FStech news Agency.

Digital Isle of Man initiated the creation of Blockchain Office — a global blockchain center to provide a favorable environment for the development of blockchain projects. Along with the creation of the Blockchain Office, the government agency has also launched a sandbox on the island to help blockchain projects adjust to existing and future regulatory frameworks and operate in accordance with legislation and regulations. According to reports, companies associated with the blockchain will be able to apply to join the “sandbox” in March 2019. The new initiative is expected to be launched this spring.

According to the article, the Isle of Man government does not intend to “regulate the blockchain in isolation from the existing realities”, and strongly encourages emerging technologies and seeks to regulate the blockchain as flexibly as possible.

Recall that Lyle Wraxall, General Director of Digital Isle of Man, said that the launch of Blockchain Office and the “sandbox” is a solid obligation to establish jurisdiction, the supporting industry of the blockchain.

Back in 2015, the Isle of Man created a register of crypto-currency enterprises, and in 2017 opened its doors to the organizers of the ICO.