I spoke to a potential customer on Monday, discussed with the regulator in the evening, and we’re meeting the regulator by Friday, to see what we can do to isolate their issue within our sandbox, protect their fact- pattern and come to a conclusion as to how the regulation potentially needs to be changed in the future. This all comes about very quickly by using us as the connection point.”
jurisdictions regulate the software, the technology or the governance - or don’t regulate blockchain as a technology but regulate the industry that blockchain enables. Te Isle of Man’s stance is the latter, regulating the industries that require blockchain for other purposes. For example, if a business wants to open a blockchain bank, it’s the bank that’s regulated, not the blockchain. If they want to run a blockchain gaming company, it’s the gaming part that’s regulated. If they want to run a blockchain eCommerce business, then nothing is regulated because no one regulates eCommerce.
come to the Isle of Man and hit the ground running. Its purpose is to speed blockchain practitioners to market by working closely with regulators, if regulation is applicable. Te Hubb is a physical hub that is not run by the government, but Blockchain Isle of Man has an office space within it. Blockchain businesses yet to find physical offices can use this space temporarily, while sharing the space with like- minded companies.
Te Blockchain Isle of Man team acts as a concierge service, a first point of call to assist businesses in understanding what regulation they need - if at all - and encompasses a range of abilities in order to appraise both the business and the technology to provide targeted help and support. “We can help with White Papers and understand how they’re taking their concept from workable proof to a marketable product,” explained Christine Hellman, Strategic Lead, Blockchain Isle of Man. “We recognised the need for co-working spaces for businesses seeking to establish themselves on the island as either
their sole point or one of many physical presences around the world. If a business hasn’t committed to the island, they can utilise either this facility or the Eagle Labs and Engine House locations in Castletown, which are also co- working spaces on the island. However, the Hubb has been created specifically for blockchain businesses to inhabit the same space.”
A COMMUNITY HUBB Many businesses in blockchain like the idea of a
community which allows them to work both privately and collaboratively within the fledgling tech sector. Te Hubb also has its own accounting and book-keeping department and a leadership executive coach who works with blockchain clients within this space.
To date, international regulations haven’t fully crystallised around blockchain and, as such, different countries have taken contrasting views regarding the regulation of blockchain. However, the same questions arise as to whether
“We have a very stable economy and government, but because we are very small we are able to operate in a very agile manner,” stated Steve Billinghurst, Regulatory Lead at Blockchain Isle of Man. “If companies find issues with regulation, we have close lines of communication with the regulator and we resolve these issues so they don’t flee to other jurisdictions. For example, I spoke to a potential customer on Monday, discussed with the regulator in the evening, and we’re meeting the regulator by Friday, to see what we can do to isolate their issue within our sandbox, protect their fact-pattern and come to a conclusion as to how the regulation potentially needs to be changed in the future. Tis all comes about very quickly by using us as the connection point.”
Of the eight emerging technologies that form part of the fourth industrial revolution, blockchain is one, AI is another, while autonomous vehicles, 3D printing, drones, AR, VR and robotisation comprise the rest. Answering John Colemans’s entreaty, Digital Isle of Man isn’t diverting away from eGaming, but is instead aligning its forward-looking regulations to embrace adjacent and complementary technology sectors. eGaming will remain a core business category for the Isle of Man into the future, but its dominance will recede as the island interweaves blockchain, tech trials, artificial intelligence, IOT and virtual reality within a much wider digital offer. Te Isle of Man government understands there’s an immense amount of collision that occurs if it can draw all of this emerging tech in one space, which in turn can create a huge amount of disruption in terms of both industry and the way we live our lives.
NEWSWIRE / INTERACTIVE / MARKET DATA P91
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