Article by the Department for Enterprise (Isle of Man): “The legislation establishes the statutory framework for Data Asset Foundations, enabling data to be recognised, governed and managed as an asset within a clear legal structure.
Built on the Island’s existing Foundations Act 2011, it creates a new capability for businesses and marks a defining milestone in the Island’s wider digital and economic development. It establishes a world-first statutory framework to recognise data as an asset, placing the Isle of Man at the forefront of how data is treated within the global economy.
The initiative has been developed by Digital Isle of Man as part of the Island’s long-term Economic Strategy to leverage the Island’s strengths in regulation and security and offer a unique proposition for data businesses.
As data becomes increasingly central to global economic activity, organisations are looking for trusted and practical ways to govern and use it. By putting the legal foundations in place now, the Isle of Man is creating the conditions for new forms of economic activity, investment and high-value jobs across technology, professional services and data-led sectors.
In practical terms, this opens up new commercial opportunities, from data valuation and licensing to new fiduciary and assurance services, supporting both existing businesses and new entrants to the Island.
Businesses will be able to use the Data Asset Foundations framework to securely share data with partners without losing control of it, or to demonstrate its value as part of raising investment, creating new pathways for growth while maintaining strong governance.
For the Isle of Man, this is about creating new sources of economic growth, supporting high-value jobs and ensuring the Island remains competitive as global markets continue to evolve, while reinforcing its reputation as a trusted and well-regulated jurisdiction….More information about Data Asset Foundations is available at: www.digitalisleofman.com/data-asset-foundations..(More)”
