The Isle of Man’s two blockchain projects, the ‘Blockchain Office’, and the ‘Isle of Man Sandbox’ will leverage the blockchain sector to newer horizons. Being developed since September 2018, the two initiatives are designed by Digital Isle of Man which is an executive agency within the island’s Department for Enterprise.
The first project, ‘Blockchain Office’ is an advisory body that will provide regulatory guidance to businesses and the second project, ‘Isle of Man Sandbox’ will assist companies to develop and test blockchain platforms. The two projects are part of Isle of Man’s push to establish itself as an international start-up hub. Many businesses and enterprises around the world are keen to move to Isle of Man because of its low tax. Majority of the island’s residents are outsiders and this is attributed to the personal taxation which is 20 per cent plus VAT on goods and services. Tech World highlight that Isle of Man has no corporation tax and there is no inheritance tax. “Unemployment is around 1.8 per cent and house price inflation has been surprisingly low for years.” Moreover, entrepreneurs establishing businesses on the island are exempted from capital gains tax. With the island’s population aging, businesses are looking for ways to attract the world’s young and business class to the Isle of Man.
Daphne Caine, a political member of the Digital Isle of Man, said the creation of the ‘Blockchain Office’ solidifies their commitment to maintaining their reputation which was at the forefront of innovation and emerging technologies. She said they are responding quickly to new business models. “It is encouraging to see that the sector is supported by a community of legal, accountancy and fiduciary firms, service providers and advisers, and the island’s long-established financial services and e-gaming sectors act as a strong foundation for the industry.”
The CEO of Digital Isle of Man, Lyle Wraxall said they are working towards attracting premium blockchain businesses and the world’s top exchanges to the island. “We will be creating new tech-agnostic regulation inspired by best practice that we have seen from other high-quality jurisdictions around the world,” he said. Chair of the Qadre, Laura Bailey acknowledged the growing number of blockchain businesses on the island. She said the launch of the ‘Blockchain Office’ is an important milestone.
With the two new initiatives, the Isle of Man has revamped itself as the niche for new technology and innovations. The island’s geographical and political location will surely give it the much needed spotlight to reach further into the blockchain market.