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#token regulation summit #Joey Garcia

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Gibraltar´s approach to Blockchain, Distributed Ledger Technology, and Cryptocurrency

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#token regulation summit #Joey Garcia

  1. 1. Gibraltar’sapproachtoBlockchain,DistributedLedger TechnologyandCryptocurrency Joey Garcia Partner: Fintech & Financial Services www.gibraltarlawyers.com
  2. 2. WhatarewedoinginGibraltar? • Background:Gaming–historyandreplication? • StepoutoftheSandbox • Principlesbased,outcomesfocused.Notrulesbased • Operatorsandintermediaries.Technologyneutral • Transferandstorageofvaluebelongingtoothers • Aninternetofvalue?
  3. 3. Principlesbased,notrulesbased
  4. 4. DLTRegulationprinciples 1. A DLT firm must conduct its business with honesty and integrity; 2. A DLT firm must pay due regard to the interests and needs of each and all of its customers and must communicate with its customers in a way which is fair, clear and not misleading; 3. A DLT firm must maintain adequate financial and non- financial resources; 4. A DLT firm must manage and control its business effectively, and conduct its business with due skill, care and diligence, including having proper regard to risks to its business and customers;
  5. 5. 5. A DLT firm must have effective arrangements in place for the protection of client assets and money when it is responsible for them; 6. A DLT firm must have effective corporate governance arrangements in place; 7. A DLT firm must ensure that all systems and security access protocols are maintained to appropriate high standards; 8. A DLT firm must have systems in place to prevent, detect and disclose financial crime risks such as anti-money laundering and countering terrorist financing (AML/ CFT); and 9. A DLT firm must be resilient and must develop contingency plans for the orderly and solvent wind down of its business.
  6. 6. GFSCRecent‘Statement’inrespectoftokenSales • Application of principles to token sales? • Sponsor/Listing regime?
  7. 7. BANKING:Transactionmonitoringandreporting: NewTechnology,newdata
  8. 8. Whatare(someof)therisks • Marketrisk • Regulatoryandtaxationuncertainty((jurisdictionalrisks) • Securityrisks • Unclear/undefinedrelationships/counterpartyrelationships (impliedobligations?)? • Fiduciaryresponsibilitiestotokenholders • Limitedduediligence • Badactors • Speculation • Marketabuse
  9. 9. Whataboutthefuture? • Increasinglypopular(morenon-blockchaincompanies) • Improvementsintechnology,security,disclosureand development • Newtoolsforcomplianceandgovernance • Newregulatoryframeworks(Gibraltar) • Tokensasanassetclass?,tokenbasedeconomy?Tokenisationof securitiesandfunds?
  10. 10. GIBRALTARBUSINESSES/Clients: Some examples
  11. 11. Thank you for your time Questions? Ask our FinTech Team This presentation has been prepared for general information purposes only and is not legal advice, is not to be acted on as such, and is current only as at the date stated on the first slide. No reliance should be placed on its contents and the views expressed therein are those of the authors and may not reflect those of ISOLAS LLP. Interpretation of how the relevant legislation could be applied is ultimately a matter for the courts and/or applicable regulatory authorities and/or law enforcement agencies to determine. Should you require legal advice on this subject ISOLAS LLP would be pleased to assist. Every reasonable effort is made to make the information and commentary accurate and up to date, but no responsibility for its accuracy and correctness, or for any consequence of relying on it, is assumed by ISOLAS LLP. Contact us: info@isolas.gi / Tel +350 2000 1892 / Portland House, Glacis Road, PO Box 204, GX11 1AA, Gibraltar Joey Garcia Partner joey.garcia@isolas.gi Jonathan Garcia Partner jonathan.garcia@isolas.gi Karan Aswani Associate karan.aswani@isolas.gi Michael Adamberry Associate michael.adamberry@isolas.gi