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Thursday, October 28, 2021
Home News Cryptocurrency Working Group – Distributed Ledger Technology (DLT) - The Way Forward

Cryptocurrency Working Group – Distributed Ledger Technology (DLT) – The Way Forward

In January 2016, HM Government of Gibraltar published for consultation a document titled, ‘Virtual Currency: Outline Regulatory Framework’ the second such paper on this subject produced by the Cryptocurrency Working Group. After considering the feedback received from private sector firms and many other interested parties, further detailed work continued on this project including engaging with the Gibraltar Financial Services Commission (GFSC). The consultation process indicated a strong preference from firms for the GFSC to be the Regulator for these proposed activities.

At Minister Isola’s invitation the GFSC, working with Gibraltar Finance, have created a further document containing ‘Proposals for Distributed Ledger Technology Framework’. The GFSC proposes a regulatory framework for firms engaging in activities not otherwise subject to regulation and that use DLT for the transmission or storage of value belonging to others. Release of the document for a full public consultation will take place on the 9th May 2017 at the Digital Currency Summit which will be held at the University of Gibraltar.

Minister Isola commented:

“We have worked hard in thoroughly researching the opportunities that could accrue to Gibraltar by creating an environment that would attract and nurture firms that operate in this space. We are also mindful of the risks that any new business line may bring and I feel that we have struck a great balance between the two. I look forward to publishing the document in May seeking at that time considered opinions from a wide range of sources which, as always, will be very welcome.”

Samantha Barrass added:

“Together with HM Government of Gibraltar the GFSC is very much looking forward to opening the DLT regulatory framework consultation. We actively encourage innovation by supporting those businesses looking to develop and introduce innovative ideas into the market. The proposed framework will facilitate a progressive, well-regulated and safe environment for firms using DLT to grow, whilst also ensuring that this new regulatory environment protects both consumers and the good reputation of the jurisdiction. We look forward to receiving feedback on this exciting project.”

Gibraltar Finance together with the GFSC intends hosting a clinic on during the morning of Wednesday 10th May, they will advise of the venue in due course. This will provide interested parties with the opportunity to engage, ask questions and generally discuss the contents of the consultation paper and the proposed regulatory framework.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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