Blockchain/Fintech Review 2021

In 2020 we evolved our proposition for blockchain with the Digital Accelerator Programme, developed to encourage collaboration and a supportive, beneficial working environment for potential businesses interested in relocating to the Isle of Man. This year the Accelerator Programme has continued to create a more active ecosystem of interested businesses with 47 active affiliates.

In early 2021 and in the midst of COVID restrictions, the Isle of Man Financial Services Authority (IOMFSA) provided cryptoasset businesses the ability to apply for Isle of Man registration on a ‘subject to’ basis, signalling a light on the regulatory roadmap.  Since our announcement, many UK cryptoasset businesses both on the Temporary Register as well as newly forming businesses have approached Digital Isle of Man to discuss the prospect of the Island being their home.

An ongoing priority for the Agency is to continue to work closely with the IOMFSA to develop and drive continued growth of the Island’s blockchain sector and widen this out to include Fintech businesses. We aim to propose an ‘Innovation Hub’ concept to the IOMFSA in 2022, designed to encourage ongoing collaboration to address the needs of industry and ensure the Isle of Man remains and attractive jurisdiction that embraces innovation.

Indeed, we recently announced a fintech ‘Innovation Challenge’ to be launched in early 2022. A collaboration between the IOMFSA, Digital Isle of Man and Finance Isle of Man, the challenge is being launched to invite businesses to develop creative, sustainable and technology-based solutions to a current issue in the financial services industry and support the winning applicant to take their proposition to market. Sign-up to our newsletter to stay updated with the progress of this exciting initiative.

Lyle Wraxall- CEO, Digital Isle of Man