PRESS RELEASE No: 44/2021 Date: 12th January 2021
Working Group Convenes to Deliver ‘10th Principle’ of Gibraltar’s DLT Regulatory Framework 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-topeer 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. HM Government of Gibraltar • 6 Convent Place • Gibraltar GX11 1AA t +350 20070071
f +350 20076396
e pressoffice@gibraltar.gov.gi
w gibraltar.gov.gi