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Regulation and Innovation Go Hand-In-Hand as Gibraltar Leads DLT industry

Law firm ISOLAS LLP has represented Gibraltar on the global playing field as the jurisdiction continues to shape innovation and regulation in the Distributed Ledger Technology (DLT) and crypto space.

Joey Garcia, Partner at ISOLAS, recently participated in the Wharton [email protected] initiative at the University of Pennsylvania where he collaborated with lawyers, academics and regulators from around the world on discussions surrounding the decentralised finance landscape, relationships with more traditional financial systems and emerging regulatory frameworks.

Joey said: “These discussions are crucial to the continued positive development of the DLT space so that it can achieve its full potential. It’s an honour to discuss and share ideas with top thinkers, lawyers and leaders in the regulatory space – people that are quite literally shaping tomorrow’s world.”

This trip followed from Joey’s trip to Singapore, where he participated in the UNODC cryptocurrencies experts’ workshop where he has discussions with regulators and law enforcement agencies from around the world.

Since the introduction of DLT licences in Gibraltar on 1st January 2018, ISOLAS has worked on the majority of applications. Recent work has included supporting Coinfloor, which received the very first DLT licence in Gibraltar, and more recently Huobi and LMAX, on their recently granted licenses.

Since the introduction of DLT licences in Gibraltar on 1st January 2018, ISOLAS has worked on the majority of applications.

ISOLAS has also assisted RSK on its protocol layer developments, the prediction market platform Gnosis, Xapo on its e-money license and the Gibraltar Stock Exchange GSX on its development into the space through GBX. GSX has also recently become the world’s first stock exchange to offer the listing services for digital debt securities and digital funds and continue to be supported by the firm in these exciting developments.

ISOLAS has worked closely with the Government of Gibraltar and the Gibraltar Financial Services Commission in shaping the regulatory legislation for the use of Distributed Ledger Technology (DLT) as a transfer or storage of value mechanism.

Paul Astengo from Gibraltar Finance said: “Joey’s presence at prestigious events such as Wharton and the UNODC is representative of the global interest in Gibraltar’s DLT proposition. From across our private sector, firms working in tandem with the Government have taken our message far and wide, showcasing us as leaders in the fast evolving DLT sector and the jurisdiction of choice for companies wanting the certainty, flexibility and credibility that Gibraltar offers.”

GSX has also recently become the world’s first stock exchange to offer the listing services for digital debt securities and digital funds

Joey is also the vice chairman of the Gibraltar Association for New Technologies (GANT) an association comprised of local experts and companies from the blockchain and crypto space, and a contributor to various initiatives and publications around the world as well as acting as the lecturer for legal students at the Gibraltar University on blockchain and distributed ledger technology.

Companies are continuing to flock to Gibraltar in order to take advantage of its regulatory framework. ISOLAS is currently working with a London-listed investment advisory firm, Coinsilium Group, advising them on various fronts.

During a recent interview, Eddy Travia, CEO and Co-founder of Coinsilium, commented: “Our attraction to Gibraltar has been the regulatory work that has been done here and our very good relationship with Joey Garcia, partner at ISOLAS LLP.

“When we started out, there was little clarity around the regulatory framework around blockchain, this was one of the challenges for us and for our portfolio companies, having a supporting jurisdiction like Gibraltar is very important.”

Earlier this year, ISOLAS was recognised in the inaugural Chambers FinTech guide which highlights the leading specialists in the FinTech and DLT industry. Chambers described the ISOLAS team as ‘a top-class group with a formidable offering in cryptocurrency and blockchain matters’.

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