Isle of Man blockchain lottery receives licence

Claiming it is a world first as a fully compliant blockchain lottery provider, Quanta Technology has achieved Isle of Man licensing to operate and develop its business on the island.

Quanta director Lee Hills said in a company statement this week:

“As the first blockchain gambling business in the world to obtain a reputable gambling licence, we have negotiated significant regulatory and operational hurdles. Our business partners on the Isle of Man and the Department of Economic Development have been extremely knowledgeable and helpful throughout the process of establishing operations on the Island.

“We are fortunate to have found in the Gambling Supervision Commission, a supportive regulator, committed to understanding our unique technology, while maintaining the principle of ensuring the Island’s gambling industry remains crime free, protects the young and vulnerable, and ensures our services are fair and that players receive their true winnings.”

Built on the Ethereum blockchain, Quanta utilises smart contracts for ticket sales, the selection of winners and prize pay-outs.

Developed with breakthrough Random Number Generation (RNG), Quanta’s lottery can operate independently or be adopted as a white label solution, the company claims.

Daphne Caine MHK, the Isle of Man Member with responsibility for e-Gaming said that the government welcomed the new company to one of the Island’s fastest growing sectors.

“The Isle of Man is a leading jurisdiction for online gaming and blockchain operations, with a well-established digital business ecosystem and community,” she said. “The Isle of Man’s regulations and compliance procedures are specifically designed to accelerate cryptocurrency and e-Gaming industry growth on the Island.”

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