Digital Isle of Man, part of the Isle of Man Government’s Department for Enterprise, has launched a stablecoin pegged to GBP.
In Brief:
Blackfridge SC Limited is the first GBP pegged stablecoin.
The Isle of Man Financial Services Authority has granted a financial services licence to Blackfridge to issue electronic money.
Poundtoken will be the first e-money instrument constituted as a GBP pegged stablecoin in the British Isles.
What does this mean?
The development follows Blackfridge’s entry into the Isle of Man Financial Services Authority’s regulatory sandbox where the product was tested. As the first stablecoin issuer licenced in the British Isles Blackfridge can be an example for other companies that wish to go through the regulatory process.
