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Isle of Man licenses GBP-pegged stablecoin firm

Isle of Man licenses GBP-pegged stablecoin firm

The Isle of Man government has awarded the first license in the British Isles to a GBP-pegged stablecoin business.

Blackfridge has secured the license after s stint in the Isle of Man Financial Services Authority’s regulatory sandbox, which was established to allow products to be tested in a live environment.

The watchdog has granted a financial services licence to Blackfridge to undertake payment services and issue electronic money.

Blackfridge is now set to launch its stablecoin product, called “poundtoken”, the first e-money instrument constituted as a GBP-pegged stablecoin issued in the British Isles.

Lyle Wraxall, cheif executive, Digital Isle of Man, says: "Blackfridge is a cutting-edge business, and we’re pleased to have played a part in their journey as they reach this regulatory milestone ahead of the launch of their stablecoin.

"The Island welcomes innovative technology and is focused on supporting more businesses through the regulatory process, giving them the ability to best use this transformative technology."

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