Following the announcement by the Department for Enterprise Digital team, KPMG Isle of Man have welcomed the news stating that it is a positive and bold move for the Government.
Following the announcement by the Department for Enterprise Digital Isle of Man team at ICE 2019 and subsequent details at London’s Blockchain Conference during Blockchain Week, KPMG Isle of Man have welcomed the news stating that it is a positive and bold move for the Government.
“It has been really encouraging to see the development within Government over the past 9 months where the Isle of Man have understood how other jurisdictions have approached it, and reviewed the Isle of Man’s approach, to create the blockchain office and sandbox which was announced at ICE”, said Russell Kelly, Managing Director and Head of Digital at KPMG Isle of Man. “The regulation of Cryptocurrencies and blockchain itself is a challenging area, as is always the case with emerging technology, but where we will now see opportunities, both as a firm but also as an island, is ensuring the regulatory framework is in place when used alongside banking, financial services or insurance for example.”
The first ‘blockchain’ was conceptualised by Satoshi Nakamoto (pseudonym) back in 2008 and is a permanent record of transactions within a network. The network is then protected by using multiple ‘blocks’ which are individually encrypted and require all ‘blocks’ within the ‘chain’ to speak with each other when authorisation is required. For example, when used for a transaction, everything is recorded from information on the date, time, participants and amount of every single transaction, of which there could be thousands, in a secure manner.
“Blockchain can appear extremely complex and there is legitimate scepticism around the safety of implementation, so it is good to see Digital Isle of Man’s response to issues other jurisdictions faced when launching theirs, how they have sought industry knowledge and now be at a stage where they can promote more widely”, continued Russell. “Applications are expected to open soon and, as a business, we are already receiving interest both within and outside of our network seeking initial advice on regulatory, compliance and digital matters relating to blockchain and digital generally. Knowing that Digital Isle of Man have their blockchain office operational will assist us when advising clients and bringing Government in at an early stage.”
The KPMG Digital team, who recently attended ICE London, have both local and global expertise on hand to offer assistance when it comes to complex matters relating to cryptocurrencies, Initial Coin Offers and cyber security and blockchain.