Digital Isle of Man, an advisory body for the self-governing British dependency, announced the formation of a Blockchain Office and the launch of an Isle of Man Sandbox.

The Blockchain Office aims to facilitate a dialogue between businesses and regulators and to help platforms design and future-proof their concepts according to relevant legislation and regulation.

It should also provide expertise, guidance and marketing support, as well as facilitate and encourage collaboration between companies.

Businesses will be able to apply to participate in the Isle of Man Blockchain Sandbox through the office.

Applications for the sandbox will be open from March and the office is meant to be fully functional in the spring.

Early participants will not be charged fees for the facility, which will provide them with access to an environment where they can develop and test blockchain platforms.

Digital Isle of Man said that these initiatives form part of a new commitment for the Isle of Man to become an international hub for blockchain businesses.

It added that the island "will not regulate blockchain in isolation".

Lyle Wraxall, chief executive of Digital Isle of Man, commented:

“We are looking to attract premium blockchain businesses and the world’s top exchanges to the Island, and we will be creating new tech-agnostic regulation inspired by best practice that we’ve seen from other high-quality jurisdictions around the world.”