Isle of Man Framework Sets Out How Businesses Can Treat Data as an Asset

Businesses may rely on valuable data, but defining exactly what it includes and what rights come with it can be difficult. That uncertainty can make data harder to value, license or share, with transactions relying on contracts and trust between parties.

Aga Strandskov, Head of Data Strategy at Digital Isle of Man, describes the island’s Data Asset Foundations framework, which establishes a statutory basis for recognizing defined, governed data as an asset. The framework is moving into implementation.

Strandskov says a distinct data asset needs answers to four questions: what information it covers, who may use it, who is responsible for it, and how others can verify its assurance status without accessing the underlying data. Registration does not remove existing contractual, intellectual property or data-protection rights.

The framework’s Data Asset Register is being implemented as part of its operational arrangements. It will record details such as an asset’s identity, provenance, rights, permissions, responsibilities and verification method. The dataset itself will not be stored on the register.

The approach is compared with land registration: a register can clarify boundaries and ownership, helping reduce transaction friction, without determining value. Similarly, the framework is intended to make existing data value easier to assess and use for licensing, sharing or financing. It does not guarantee a particular commercial outcome.