Isle of Man Rolls Out New Software License

A brand-new business-to-business software supplier license has been launched by Isle of Man regulatory body – Gambling Supervision Commission (GSC). Despite the fact that having this license is not necessary for supplying gaming software to operators that hold the Isle of Man license, the authorities strongly advise developers to apply for it...

...the main reason being that it holds several big perks, such as “streamlining the application process for gambling businesses.”

Opening For the Entire World

GSC’s biggest hope is that rolling out of new software license will create new opportunities for global cooperation with operators offering services across the world's regulated markets.

The licensing process ensures that all testing and certification of applicant's software and games is done by GCS, themselves. Gaming content needn't be tested any further by other bodies in order for it to be approved, if the Isle of Man regulator finds the content satisfactory.

The application window for new B2B software licenses is already open. As GSC's deputy CEO, Mark Rutherford, puts it:

“Software licensing is actually the most efficient way of achieving what we wanted and provides for greater efficiency in game deployment, lower costs and a shorter time-to-market for our existing operators.”

Cutting Down Expenses and Saving Time

Another major benefit that obtaining this new license will bring is that it will save associated costs through a faster certification process. eGaming Isle of Man head, Tony Ure, is certain that this time and money-saver will be a big incentive for developers to get in on this initiative.

“The new licence has been created to help streamline the processes for businesses by reducing the layers of compliance required as well as provide potential cost savings,” Ure commented.

He adds that the new license demonstrates eGaming Isle of Man's proactive approach to a dynamic and fast-paced industry...

...while he also believes that it will boost Isle of Man's appeal more widely - “setting us apart from other jurisdictions once again for our exceptional levels of regulatory quality and innovation.”

Complete Overhaul Almost Done

This self-governing entity (despite being under British dependency) made another landmark move in November when it updated its cryptocurrency policy.

These updated rules refer to licensees that run business ventures that offer digital assets and should “sanitize the local virtual currency scene.”

The document has been updated and published by the Isle of Man Financial Services Authority. It states that companies offering cryptocurrency services won't be able to register under this jurisdiction unless they have a minimum of two board director members on the island's territory and that management and control of the business are not domiciled on the island.

Source:

“Isle of Man unveils new software supplier license”, igamingbusiness.com, February 4, 2019.