Isle of Man secures Royal Assent for Data Asset Foundations law

The Isle of Man’s Data Asset Foundations legislation has received Royal Assent, bringing into law what the government and partners describe as the world’s first statutory framework for recognising and managing governed data assets.

With Royal Assent granted, the programme moves into implementation. Digital Isle of Man said the next phase includes developing a Data Asset Register, drafting supporting regulations, and building the operational systems needed to run the framework.

A central element is a statutory Data Asset Register intended to record, classify and oversee recognised data assets. Digital Isle of Man said consultation on the register and registrar model has already taken place and industry feedback is being used to shape regulations and operational guidance.

Tim Johnston MHK, Minister for Enterprise, said:

‘Receiving Royal Assent marks a proud and historic moment for the Isle of Man and reflects years of dedicated work to develop a concept that did not previously exist anywhere in the world and bring it fully into law.

‘As the first jurisdiction in the world to fully establish a framework of this kind, the Isle of Man is demonstrating what becomes possible when innovation, collaboration and regulatory agility come together with clear long-term ambition.’

Aga Strandskov, Head of Data Strategy at Digital Isle of Man, said:

‘Many organisations already recognise data as a major business asset but have lacked the legal certainty needed to use it with confidence. That’s exactly what this new legislation enables.

‘The focus now turns to building the wider ecosystem, operational capability and practical implementation needed to support the next phase of the programme. The Register, supporting regulations and operational infrastructure are all active workstreams already progressing at pace.

‘For businesses, this creates real commercial opportunities that have previously been difficult to support within existing legal and operational models, from governed AI training datasets and trusted cross-organisational collaboration through to new approaches around data-sharing, financing and value creation.’

John Bottega, President at EDM Association, said:

‘Globally, organisations are increasingly looking for clearer structures around how valuable data can be governed, shared and used responsibly.

‘The Isle of Man taking this step reflects a growing shift towards more mature and scalable approaches to trusted data governance that support both innovation and accountability.’