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Isle of Man grants license to blockchain e-gaming company Quanta

The Isle of Man has granted a licence to Quanta Technology Limited (QTL) to operate and develop its business.

With this, Quanta said that it has become the first blockchain gambling business in the world to obtain a reputable gambling licence. Built on the Ethereum blockchain, it utilizes smart contracts for tickets sales, the selection of winners and prize payouts. The system ensures fully autonomous, transparent, manipulation-proof gaming.

“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,” Lee Hills, Director of Quanta Technology Limited, said. “We are delighted to have found in the Gambling Supervision Commission, an incredibly supportive regulator, committed to understanding our unique technology, while maintaining absolute dedication to the principles 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.”

Developed with RNG (random number generation), the first provably fair lottery can operate independently or be adopted as a white label solution.

“We are delighted to welcome a 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. The Isle of Man’s regulations and compliance procedures are specifically designed to accelerate cryptocurrency and e-Gaming industry growth on the Island. I would like to wish Quanta the best of luck with their future operations,” Daphne Caine MHK, the Department Member with responsibility for e-Gaming said.

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