Lyle Wraxall, CEO of Digital Isle of Man, believes the island has hit the ground running with blockchain technology.

Speaking with Gambling Insider for its Jurisdictions roundtable, Wraxall explained how the island’s blockchain proposition differs from Malta's.

He said: “We don’t regulate the technology in the same way we don’t regulate the technology for financial services or banks.

“We take the technology into account when we look at the wider regulation, but whether you’re running a payment services provider, a spreadsheet or blockchain you’re held to the same standards.”

Wraxall outlined how the island has prepared for businesses looking to utilise the technology by providing the necessary framework and support system.

He said: “We will have a dedicated blockchain team to support businesses coming into the island and a blockchain technology consultant with members from KPMG and PwC.

“We also make everyone go through an application process designed to ensure there are no red flags coming to the island because we want high quality businesses here.

“In addition, we have a blockchain office space now which is fully sold out, so we are expanding that.

“Blockchain has been quite the success story for us.”

The full feature will appear in the Mar/Apr edition of Gambling Insider magazine. Click here to read when available.

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