KPMG welcomes blockchain office launch

MD Russell Kelly encourages regulation

One of the 'Big Four' auditors has welcomed news there'll be a blockchain office on the Island.

Earlier this month, it was announced by Digital Isle of Man that a hub would be set up, with the aim of growing the sector.

Commentary from KPMG Isle of Man described the decision as a "positive and bold move for the government."

The announcement was made by the Department for Enterprise digital team at the 2019 ICE gaming forum, and further details were released at London's Blockchain Conference during Blockchain Week.

KPMG Managing Director Russell Kelly said "the regulation of cryptocurrencies and blockchain itself is a challenging area, as is always the case with emerging technology."

But Mr Kelly also said it will provide new opportunities, and highlighted the importance of "ensuring the regulatory framework is in place when used alongside banking, financial services or insurance for example."