Digital Isle of Man works with the island’s government, private industry and key associations to create the right environment for innovation to flourish. Its remit spans the Isle of Man’s international eGaming industry, successful digital economy, blockchain and innovative technology enterprises, as well the digital media sector.
Chief Executive of Digital Isle of Man Lyle Wraxall recently relocated to the island from New York, where he was Head of New York office for Pcubed – an international management consultancy practice. The European caught up with him to discuss the island’s digital offering.
Describe the impact your Blockchain Isle of Man initiative has had.
When starting my role, I set myself the task of trying to understand what we could deliver that is of economic value to the island, but which would allow other sectors and businesses to grow too. Blockchain immediately came to mind. Since then, we’ve launched Blockchain Isle of Man, an initiative to guide blockchain businesses through current and future regulatory landscapes. This will ensure the Isle of Man is an international hub for technology-focused businesses and provide those businesses with a supportive and collaborative environment. We have already seen a healthy flow of applicants, who are put through a robust selection process to ensure they meet our standards of quality.
We are confident this will have multiple positive effects on the digital economy, diversifying the type of businesses, creating specialist jobs and ancillary roles. We expect existing eGaming and financial services companies to benefit from these new ideas and technology, providing a perfect platform to use blockchain as a business solution.
What makes the Isle of Man the go-to jurisdiction for digital technologies?
Arriving fresh from New York, I was pleasantly surprised by the island’s capabilities and what it can offer digital businesses. It is safe, stable and secure, with strong infrastructure in terms of power, connectivity and data centres – we have six world class data centres! Our agile approach to regulation and nimble government suit fast-paced digital businesses. There’s government funding and support available, no corporation or capital gains tax, and personal tax is capped at 20%. Another advantage is the quality of life. Commute times are short and there is plenty to enjoy in the time saved travelling to and from work – beautiful beaches and mountains, great restaurants and lots of outdoor activities. We are also the only tech hub located in a UNESCO biosphere!
And what is next for the jurisdiction?
The island has a strong heritage and a bright future in the digital space. We know digital technologies will underpin many other sectors and up-skilling staff and investing in young people is a priority.