FunFair granted Isle of Man’s first token-based supplier licence

Blockchain solution provider FunFair Technologies has been granted the Isle of Man’s first token-based supplier licence.

FunFair believes the new licence will enable regulated gambling growth in the blockchain space by meeting the compliance regulations of a tier-one gambling jurisdiction, such as the Isle of Man.

As part of the licensing process, FunFair has established FunFair Holdings (IOM) Ltd – a subsidiary based on the island to work closer with regulators and operator partners.

FunFair Technologies CCO Stefan Kovach said: “We’re incredibly proud and excited to have been approved for a licence from a tier-one gaming jurisdiction.

“Not only does this legitimise FunFair’s blockchain gaming ecosystem, but it also keeps us right there as a leader at the forefront of regulated, decentralised technology and token-based gambling.”

Last year, FunFair withdrew its licence application with the UK Gambling Commission (UKGC) after the regulator “offered a lukewarm reception” to blockchain and cryptocurrency technology.

Lyle Wraxall, CEO of Digital Isle of Man, said: “We are delighted to welcome FunFair to the Isle of Man as the first operator to obtain a token-based software supplier licence in our jurisdiction.

“The agency is continually working to develop the island’s digital sectors and what makes this licence so exciting for us is that it links two of our key sectors; egaming and blockchain.

“As an addition to our cluster of digital stakeholders, FunFair will offer opportunity for existing Isle of Man operators to take on new products as a result of the licence,” he added.