The Isle of Man has taken a pioneering step towards becoming a major player in a future global data economy.

It is the first jurisdiction in the world to introduce a legal framework to establish data as an asset.

The Foundations (Amendment) Bill’s successfully completed its passage through Tynwald last month.

It creates a statutory framework for Data Asset Foundations, enabling data to be recognised, governed and managed as an asset within a clear legal structure.

As data becomes increasingly central to global economic activity, organisations are looking for trusted and practical ways to govern and use it.

Putting the legal foundations in place now opens up new commercial opportunities, from data valuation and licensing to new fiduciary and assurance services, supporting both existing and new businesses.

Businesses will be able to use the Data Asset Foundations framework to securely share data with partners, or to demonstrate its value as part of raising investment.

Mover of the bill, Tanya August-Phillips told the Legislative Council: ‘The timing of the legislation is quite critical.

‘The island currently holds a clear early mover advantage and there is a significant economic opportunity associated with being first to establish a complete and credible framework.’

Enterprise Minister 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 Isle of Man’s position as a trusted and well-regulated jurisdiction.’

Digital Isle of Man chief executive Lyle Wraxall said: ‘We have been developing this concept over a number of years.

‘The significance 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.

‘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.’

Digital Isle of Man will now lead the development of supporting secondary regulations, with the first public consultation now open for six weeks.

A pilot programme launched in January is moving toward full implementation later this year.

Digital IoM said interest from both on-island and international organisations continues to grow as the Isle of Man ‘moves rapidly from concept into operational reality’.