Will Isle of Man become a blockchain hub?

isle of man bitcoin

Matla is certainly known as the European heart of online gambling, yet there are other important territories like Gibraltar and Isle of Man.

The later has been also known for its emphasis on various financial technologies, with a prime focus on the blockchain.

Considering the recent regulative changes in Isle of Man online gambling, bitcoins are now seen as the equivalent to cash and, as a result, bitcoin gambling is expected to occupy an important place in the Isle of Man economy. By devoting more attention to the blockchain technology, Isle of Man officials expect to build a better infrastructure both for bitcoin gambling and fintech sector as a whole.

Even though there are thousands of bitcoin start-ups and already established companies, the government of Isle of Man still believes that the best times of blockchain are still to come. As Brian Donegan, a representative of the Department of Economic Development (DED) has stated it is recent interview – “Blockchain will continue to be an experimental technology, it isn’t complete. A lot of people are espousing the value of blockchain, and it’s a great piece of technology, but it is still in part experimental and it’s far from complete.”

With the changes in the gambling laws, Isle of Man may attract more bitcoin casinos seeking licensing for its business. Considering the increased focus on the blockchain technology, the territory is expected to provide an even better value for such gaming operators, as they will be able to access more talented developers, rather than just obtain a regulation. Apart from that, blockchain has been becoming popular in many other industries: banking, payments, lending, insurances and even real estate.

Also, such changes seem to contribute great towards UK’s post-brexit environment, as quite a few financial companies were looking towards relocating to EU-member states. And if such companies are dealing with the blockchain and bitcoins, it certainly gives an additional request for them to stay.