With the Foundations (Amendment) Bill 2025 successfully completing its passage through Tynwald recently, the Isle of Man has taken a major step in creating the future of the global data economy

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 establishes a world-first statutory framework to recognise data as an asset.

The initiative has been developed by government agency Digital Isle of Man as part of the island’s long-term economic strategy to leverage its strengths in regulation and security and offer a unique proposition for data businesses.

A Digital Isle of Man spokesperson said: ‘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 island 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.’

Minister for Enterprise Tim Johnston said: ‘The successful passage of this legislation is a significant milestone for the Isle of Man and an important step for our economy.

‘Data is becoming an increasingly valuable part of global business, and this framework ensures that the island is well placed to support organisations operating in that space.

‘As the first jurisdiction to introduce a statutory framework of this kind, this reflects our commitment to building a diverse, forward-looking economy, one that creates new opportunities, supports innovation, and strengthens the island’s position as a trusted and well-regulated jurisdiction.’

Chief executive of Digital Isle of Man Lyle Wraxall said: ‘Through Digital Isle of Man, we have been developing this concept over a number of years, and this legislation now gives it a statutory foundation.

‘The significance of that should not be underestimated. This is not simply about data policy, it is about creating a practical framework that organisations can use to manage, govern and realise the value of their data in a structured way.

‘The work already underway shows this can be applied in practice and is already creating real opportunity for the island.’

Aga Strandskov, head of data strategy at Digital Isle of Man, said: ‘The challenge has never been the availability of data, it has been the lack of a trusted framework to use it with confidence

‘What this legislation provides is the legal and governance infrastructure that has been missing. It enables data to be governed, controlled and used in a consistent and auditable way, bringing it closer to how other recognised assets are managed.

‘For the Isle of Man, this creates a real opportunity to play a meaningful role in shaping how data is used across the global economy.’