January 12, 2021
Industry leaders in the blockchain and emerging tech space assemble to develop Gibraltar’s bespoke DLT legislation
Gibraltar – 12th January 2021 – HM Government of Gibraltar is pleased to confirm that a working group established to deliver the 10th Core Principle of the jurisdiction’s bespoke Distributed Ledger Technology (DLT) regulatory framework convened in late 2020 and is on track for a prompt delivery.
The working group behind the Gibraltar Market Integrity Study will be primarily responsible for defining the appropriate market standards for exchanges operating in the digital asset space. The DLT framework currently includes nine principles that apply to DLT businesses operating in Gibraltar. This follows a number of important updates to the jurisdiction’s bespoke regulatory framework <https://www.fsc.gi/dlt> in 2020.
Gibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP, said, “The creation of the Market Integrity working group is an important step for us as we continue to develop our DLT framework in line with an ever evolving regulatory landscape. Gibraltar has long been a leader when it comes to fostering innovation and in the development of VASP regulatory standards and we are confident the 10th Core Principle will aid us even further in our mission to achieve this, particularly as the integrity of these markets is such a key focus internationally. I am grateful to the members of the working group for their contribution and delighted to have such an excellent team of international specialists working with us”.
The purpose of the working group is to define global market integrity standards for exchanges and other marketplace platforms in the space, while taking into account the recently defined standards by the UK, EU, and other international bodies. Similarly, the framework aims to guide those who have the potential to form important foundational concepts for the work of other international organisations such as the Financial Action Task Force, the European Commission, and IOSCO.
The working group will aim to apply these principles to marketplaces that operate on a peer-to-peer basis. The group will seek to apply standards from traditional marketplaces while recognising the distinction between legacy methods and transactions, and digital asset trading through automated modern platforms. The working group will also consider whether the nature of the asset or item traded makes a difference to the market integrity standards.
The group consists of leaders in the blockchain and emerging technology space, including:
Lee Schneider - General Counsel at Block.one
Emma Channing - General Counsel, Satis Group LLC; Former Representative of Consensys Digital Securities
Joshua Klayman - Global Tech Sector Co-Leader, U.S. Head of FinTech and Head of Blockchain and Digital Assets, Senior Counsel, Linklaters LLP
Sunavna Tuteja - Head of Digital Assets, TD Ameritrade
Roman Beck - Head of European Blockchain Center (University of Copenhagen)
Jannah Patchay - Regulatory and Market Structure Advisor, Markets Evolution; Director of London Blockchain Foundation
Joey Garcia - ISOLAS LLP, Gibraltar; Regulation & Policy advisor to Xapo group, Diem Association representative, IOV Labs (RSK)
Tongtong Gong - Cofounder of Amberdata
Pawel Kuskowski - Coinfirm Founder
Nicholas Philpott - Banking Market Structure expert
The Hon Albert Isola MP
Minister for Digital and Financial Services, HM Government of Gibraltar
The Hon Albert Isola MP is Gibraltar’s Minister for Digital and Financial Services with the primary responsibility of raising Gibraltar’s profile as a well-regulated commercial centre particularly in the areas for which he has specific responsibility which include financial services, digital technology innovation and online gaming.
Minister Isola previously served as Gibraltar’s Minister for Commerce where he played a central role in driving the creation of the world’s first purpose-built DLT regulatory framework, which became law in January 2018 for firms using blockchain to store or transfer value belonging to others.
He has been a Minister in the Government since his by-election win for Gibraltar’s governing parties, the GSLP/Liberal Alliance, on 4 July 2013. Minister Isola had previously been a GSLP member of the Opposition in the then ‘House of Assembly’ (‘Parliament’ under the new constitution) from 1996 to 2000. Prior to re-entering Parliament, he had been a Partner at a major Gibraltar international law firm ISOLAS since 1985.
During his extensive legal career, Minister Isola gained high-level experience in all aspects of property acquisition, development, and financing as well as financial services. He also regularly acted as an adviser to the Financial Services Commission.
Minister Isola was educated at Stonyhurst College, Lancashire (1973-1980) and read Law at Kingston University (1980-1983).
A British Overseas Territory, Gibraltar is a self-governing and self-financing democracy that has established itself globally as a reliable centre for the blockchain and digital assets industry. In January 2018, Gibraltar became the very first jurisdiction globally to introduce legislation around
Distributed-Ledger-Technology (DLT), and has since asserted its position as a leading blockchain and virtual assets hub. With Gibraltar’s core values of regulation, reputation, and speed to market at the foundation of its efforts within the blockchain industry, Gibraltar is now globally renowned for its commitment to creating a sustainable and secure regulatory framework for DLT, as well as being one of the leading proponents in the advancement of the technology.
For more information, please visit https://www.gibraltarfinance.gi/
Eleanor McGovern – Consultant
P: +353 87 933 7769