Blockchain: 2020 Update

In 2019 we launched our blockchain proposition with the purpose of guiding blockchain businesses through regulatory landscapes, focussing on expert-led assistance. This year we have evolved our proposition with the Digital Accelerator; first introduced as a concept at a workshop in July were it was developed alongside key individuals and business involved in the blockchain space on the Island.

This programme was created along with a new Code of Conduct, developed to encourage collaboration and a supportive, beneficial working environment to engage with potential businesses interested in relocating to the Isle of Man. The Accelerator Programme has created a more active ecosystem of interested businesses, including recognition for those Island businesses with presence in the blockchain and crypto space, and clearer access to our Island’s service providers with direct experience in supporting blockchain businesses.

In September, we finalised and issued Token and CIS guidance notes in conjunction with the Financial Services Authority. The guidance gives greater clarity to those considering the Island as a potential home for their blockchain-related businesses, about the likely regulatory status of crypto assets and tokens they may issue. This guidance was well received by industry and garnered off-Island press coverage, calling on other jurisdictions to follow in the footsteps of the Isle of Man.

Alongside this, the team have continued with on-going international comparative research to establish legislative and regulatory areas to develop. Two areas have been identified and work is underway with the Cabinet Office and Manx lawyers to pursue these further.

Despite COVID-19, interest from applicants continued under our new business opportunity pipeline process, with strong interest being established well into 2021