“It’s Howard o’clock” has become a slogan used on swimsuits, t-shirts, bags, mugs, bottles of wine and, even, turned into a monopoly-style drinking game.
But while Isle of Man chief minister Howard Quayle might have become an almost cult-like personality during the COVID crisis, he was also working 20 hour days, scrambling to purchase an oxygen-generating plant, and taking the “hardest decisions in my life”.
As he prepares to step down from his role next month, Mr Quayle also spoke to Sky News about the island’s strict coronavirus quarantine rules – which led to some people being imprisoned – and the effect of Brexit on the Isle of Man.
“At ‘Howard o’clock’ at 4pm every day, people would stop, get a drink and sit and listen to the briefings to let them know what was going on,” he said, as the chief minister explained how his televised news conferences gripped the Isle of Man’s 85,000-strong population last year.
The 54-year-old described the “bizarre” notion of people now wanting selfies with him, as the number of people who now recognise him on the island has rocketed, but also how he was “delighted” at the “community spirit” that was generated in the fight against coronavirus.
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In March 2020, as COVID struck the world, Mr Quayle was utilising the Isle of Man’s engineering sector to leverage contacts around the world in order to secure PPE, while he faced a dilemma over ensuring the island did not run short of oxygen.
“We had always brought in our oxygen in bulk – a container or tanker would come over on a boat and fill up our holding tanks,” he said.
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“That would last us a fortnight in normal times for our hospital. But, obviously with COVID we were under the impression we needed a shedload more.”
With a fear that supplies could be interrupted – as well as the thought a tanker journeying to and from the Isle of Man might have supplied four or five hospitals in the UK during the same time – Mr Quayle moved to buy the last oxygen-generating plant in Britain.
“If I hadn’t bought it by lunchtime, it was going to go to the Nightingale hospital in London,” he added.
Image: The Isle of Man has had more than 7,000 COVID cases and 48 deaths
The next challenge was to build a shed in which to store the plant, as well as create a hospital unit ready to accept COVID patients. And, later, a testing centre was established at the island’s famous TT grandstand.
But there were also tough actions to be taken.
“One of the hardest decisions of my life was stopping people coming back to the island who were island residents,” Mr Quayle said.
“We’d given them warnings, we’d told them ‘get home, we’re going to be shutting shortly’.
“Some didn’t heed the warnings and we did shut down. But once we’d eliminated COVID, we were the first place in the British Isles – if not Europe – to open up internally with no restrictions.”
Until January this year, residents on the Isle of Man enjoyed a freedom to their lives that those in the UK didn’t, but “somebody broke the rules, got in, and we had to lockdown again”.
That freedom was, in part, provided by the taking of other robust decisions.
“If you broke our quarantine rules, if you put people’s lives at risk and you were caught, you went to prison,” Mr Quayle said.
He admitted that the handing out of prison sentences caused a degree of outrage, including when a group of welders from Newcastle were caught in a supermarket when they were supposed to be isolating.
How were they caught? Because they “went in there wearing masks” when the rest of the Isle of Man’s population had no requirement to, due to their zero number of cases.
Image: Boris Johnson is purported to want a roundabout under the Isle of Man
Although the Isle of Man is a self-governing British Crown Dependency sitting in the Irish Sea, the island was “treated as if we were in Coventry or Cornwall” when it came to the coronavirus crisis, which has seen more than 7,000 cases and 48 deaths on the island.
Mr Quayle explained that the relationship between the island and London “really improved dramatically” following Brexit, even despite the chaos that was occurring in Westminster after the 2016 referendum.
“We were lucky that we were getting information really quickly – historically that hasn’t always been the case,” he said.
“The ability for our offices to speak to their UK counterparts and discuss problems and get information back – so that we can prepare our legislation to make sure we’re compliant and get our industries ready for whatever’s going to happen – is the best it’s ever been.
“We don’t want to slip back to the old way.”
The Isle of Man government now enjoys a wide range of relationships with departments across Whitehall, rather than having just one relationship with their “godparents” in the Ministry of Justice, which formally manages the UK’s relationship with the crown dependencies.
However, a closer relationship with Westminster doesn’t appear to stretch to all aspects of UK government thinking.
Mr Quayle said his government “had no involvement whatsoever” in Boris Johnson’s purported plan for road tunnels between Great Britain and Northern Ireland, to conjoin in an underground roundabout beneath the Isle of Man.
“We looked upon it with a level of bemusement!,” he admitted.
He added it “would have been nice to have that connectivity” but doubted whether the level of vehicle traffic would make such a project economically viable.
“It was a little bit frustrating that people just hadn’t thought it through – it was a good soundbite, but I never thought it was going to happen,” Mr Quayle said.
“We have our regular flights, we have our ferry service, it would have been nice to have but I couldn’t see the British taxpayer getting a return.
“At the end of the day you’ve got to get bang for your buck.”
Image: There are numerous dark sky sites on the island
But while Brexit may have brought benefits, recent staff shortages – especially in hospitality – on the Isle of Man are “probably an element” of the UK’s exit from the EU, coupled with the historically low unemployment rate on the island.
“We need to attract more people to come to the island and that’s something we’re working on,” Mr Quayle said.
“We help, we offer grants and things to 20-40-year-olds, we’re looking to attract entrepreneurs.”
And he touted the island’s countryside, with a UNESCO status as a biosphere region; along with its numerous dark sky sites for galaxy-gazing, low crime rates, and a recent boost to internet speeds, as pull factors for those in the UK who now find themselves mainly working remotely.
“We had an IT company who relocated to the island and we didn’t know how that would go – it went exceptionally well,” he said.
“Because people who were working on software would go home and within 10 minutes they could be on their mountain bikes in a plantation.”
But Mr Quayle, who is standing down next month after the island’s upcoming general election, will leave a decision on whether the Isle of Man will copy the UK in taking Afghan refugees, following Afghanistan’s capture by the Taliban, to whoever succeeds him as chief minister.
So, as his five-year term as chief minister comes to an end, are there any regrets?
“I’ve given it my best, you’re always going to make mistakes, I’m not perfect,” he said.
“Everything I’ve done has always been, in my head, what’s the best I could do for the island so I don’t have any regrets.
“With COVID, hindsight is a wonderful thing and, if we’d shut down a week earlier, we would have had even less cases.”
But he added: “There was no manual. We were all making it up, in all jurisdictions, as we were going along.”
Taiwan could see its first stablecoin launched as early as the second half of 2026 as lawmakers advance new rules for digital assets, according to one of the country’s financial regulators.
According to a Focus Taiwan report on Wednesday, Financial Supervisory Commission (FSC) Chair Peng Jin-lon said that, based on the timeline for passing related legislation, a Taiwan-issued stablecoin could enter the market in the second half of 2026.
Should the Virtual Assets Service Act pass in the country’s next legislative session, and accounting for a six-month buffer period for the law to take effect, it would lay the groundwork for the launch of a Taiwanese stablecoin.
Peng said the draft legislation was derived from Europe’s Markets in Crypto-Assets (MiCA) and would eventually allow non-financial institutions to issue stablecoins. Initially, however, Taiwan’s central bank and the FSC would restrict issuance to regulated entities.
Last year, Taiwan’s policymakers began enforcing Anti-Money Laundering regulations in response to alleged violations by crypto companies MaiCoin and BitoPro. As of December, however, regulated entities in the country have yet to launch a stablecoin pegged to either the US dollar or the Taiwan dollar.
In addition to the FSC’s advancement of stablecoin regulations, Taiwan’s policymakers are reportedly assessing the total amount of Bitcoin (BTC) confiscated by authorities. The move signaled that the nation could be preparing to launch its own strategic crypto stockpile.
Ju-Chun, a Taiwanese lawmaker, called on the government to add BTC to its national reserves in May as a hedge against economic uncertainty.
The country’s reserves include US Treasury bonds and gold, but no cryptocurrencies. Other countries, such as the US, have adopted policies that promote Bitcoin and crypto reserves.
Former US Securities and Exchange Commission Chair Gary Gensler renewed his warning to investors about the risks of cryptocurrencies, calling most of the market “highly speculative” in a new Bloomberg interview on Tuesday.
He carved out Bitcoin (BTC) as comparatively closer to a commodity while stressing that most tokens don’t offer “a dividend” or “usual returns.”
Gensler framed the current market backdrop as a reckoning consistent with warnings he made while in office that the global public’s fascination with cryptocurrencies doesn’t equate to fundamentals.
“All the thousands of other tokens, not the stablecoins that are backed by US dollars, but all the thousands of other tokens, you have to ask yourself, what are the fundamentals? What’s underlying it… The investing public just needs to be aware of those risks,” he said.
Gensler’s record and industry backlash
Gensler led the SEC from April 17, 2021, to Jan. 20, 2025, overseeing an aggressive enforcement agenda that included lawsuits against major crypto intermediaries and the view that many tokens are unregistered securities.
The industry winced at high‑profile actions against exchanges and staking programs, as well as the posture that most token issuers fell afoul of registration rules.
Gary Gensler labels crypto as “highly speculative.” Source: Bloomberg
Under Gensler’s tenure, Coinbase was sued by the SEC for operating as an unregistered exchange, broker and clearing agency, and for offering an unregistered staking-as-a-service program. Kraken was also forced to shut its US staking program and pay a $30 million penalty.
The politicization of crypto
Pushed on the politicization of crypto, including references to the Trump family’s crypto involvement by the Bloomberg interviewer, the former chair rejected the framing.
“No, I don’t think so,” he said, arguing it’s more about capital markets fairness and “commonsense rules of the road,” than a “Democrat versus Republican thing.”
He added: “When you buy and sell a stock or a bond, you want to get various information,” and “the same treatment as the big investors.” That’s the fairness underpinning US capital markets.
On ETFs, Gensler said finance “ever since antiquity… goes toward centralization,” so it’s unsurprising that an ecosystem born decentralized has become “more integrated and more centralized.”
He noted that investors can already express themselves in gold and silver through exchange‑traded funds, and that during his tenure, the first US Bitcoin futures ETFs were approved, tying parts of crypto’s plumbing more closely to traditional markets.
Gensler’s latest comments draw a familiar line: Bitcoin sits in a different bucket, while most other tokens remain, in his view, speculative and light on fundamentals.
Even out of office, his framing will echo through courts, compliance desks and allocation committees weighing BTC’s status against persistent regulatory caution of altcoins.
New figures reveal a 70% year-on-year increase in Cayman Islands foundation company registrations, with more than 1,300 on the books at the end of 2024, and over 400 new registrations already in 2025.
According to a news release from Cayman Finance, many of the world’s largest Web3 projects are now registered in the Cayman Islands, including at least 17 foundation companies with treasuries over $100 million.
Why DAOs are choosing Cayman
The Cayman foundation company has emerged as a preferred tool for DAOs that need to sign contracts, hire contributors, hold IP and interact with regulators, all while shielding tokenholders from personal liability for the DAO’s obligations.
The legal wake‑up call for many communities came in 2024 with Samuels v. Lido DAO, in which a US federal judge found that an unwrapped DAO could be treated as a general partnership under California law, exposing participants to personal liability.
The Cayman foundation company is designed to plug that gap, offering a separate legal personality and the ability to own assets and sign agreements, while giving tokenholders assurance that they are not partners by default.
Rise in Cayman Islands foundation company registrations | Source: Cayman Finance
Add tax neutrality, a legal framework familiar to institutional allocators and an ecosystem of companies that specialize in Web3 treasuries, and it becomes clear why more projects have quietly redomiciled their foundations to Grand Cayman.
Elsewhere, policymakers have made big promises but delivered patchwork. US President Donald Trump has repeatedly pledged to turn the United States into the “crypto capital of the planet,” but at the entity level, only a handful of states explicitly recognize DAOs as legal persons.
Switzerland remains the archetypal onshore Web3 foundation center, with the Crypto Valley region now hosting over 1,700 active blockchain firms, up more than 130% since 2020, with foundations and associations representing a growing share of new structures.
The surge in Web3 foundations coincides with a shift in Cayman’s own regulatory posture — the arrival of the Organisation for Economic Co-operation and Development’s Crypto‑Asset Reporting Framework (CARF), which the Cayman Islands has now implemented via new Tax Information Authority regulations that take effect from Jan. 1, 2026.
CARF will impose due diligence and reporting duties on Cayman “Reporting Crypto‑Asset Service Providers” (entities that exchange crypto for fiat or other crypto, operate trading platforms or provide custodial services), requiring them to collect tax‑residence data from users, track relevant transactions and file annual reports with the Tax Information Authority.
Legal professionals note that CARF reporting under the current interpretation applies to relevant crypto-asset service providers, including exchanges, brokers and dealers, which likely leaves structures that merely hold crypto assets, such as protocol treasuries, investment funds, or passive foundations, off the hook.
“The key question is whether your entity, as a business, provides a service effectuating exchange transactions for or on behalf of customers, including by acting as a counterparty or intermediary or by making available a trading platform.”
In practice, that means many pure treasury or ecosystem‑steward foundations should be able to continue benefitting from Cayman’s legal certainty and tax neutrality without being dragged into full reporting status, so long as they are not in the business of running exchange, brokerage or custody services.