MMX.L Share News (MMX)

(ShareCast News) - Internet top-level domain owner and operator Minds + Machines Group announced on Monday that it has received official approval from the Ministry of Industry and Information Technology of the People's Republic of China for its dot VIP top-level domain.The AIM-traded firm said the announcement was made via the official website of the MIIT.Approval means that owners of dot VIP domain names within China can now apply for the relevant local license to allow their dot VIP domain names to be hosted in the country.MMX's TLD dot VIP is one of only three generic new top-level domains to have received this approval via this MIIT announcement."MIIT approval is a major milestone for MMX and the continued successful development of our dot VIP domain," said CEO Toby Hall."We share the China domain industry's opinion that regulatory approval will provide for another wave of top-level domain growth in the region."Hall said influential Chinese registrars will now be able to market the select group of approved new gTLDs more actively to the important local Chinese SME end-market for usage."We are deeply honoured to be one of only three registries to be approved in this first round of approvals."Launched in May 2016, dot VIP has been the most successful new top-level domain ever launched to date based on registrations in its first month with Chinese domain investors being amongst the first major purchasers of dot VIP domain names, the board claimed.Monday's announcement bodes well for both further domain name sales and renewal rates of those names acquired prior to MIIT approval going forward, it added."China is a key market for the group, the country accounting for 42% of the 27 million new top-level domain addresses that have been registered to date," Hall explained."It therefore was a priority of 2016 to successfully access this region."Having a domain that is fully compliant, approved and extremely well accepted by the Chinese market, is therefore a key asset for the group."