Gibraltar Adds “10th Core Principle” for Digital Asset Exchanges to Meets Defined Market Standards

Gibraltar, an early entrant in the digital asset ecosystem, says it is adding to its already regulated digital ledger technology (DLT) framework with the development of a “10th Core Principal” for digital asset exchanges. A “Market Integrity working group” has been created to ensure that the added regulation” meets the global market standards for exchanges and other marketplace platforms, while also considering recently defined standards set by the EU and other international bodies.”

Joey Garcia, a partner at the law firm ISOLAS LLP, has brought together members of the Global Blockchain Convergence to form the working group for the development of the new framework.

According to a release, the framework seeks to guide those who have the potential to form important concepts for the work of other international organisations, such as the Financial Action Task Force, the European Commission and the International Organization of Securities Commissions (IOSCO).

Gibraltar’s amended legislation pertaining to digital assets is expected to be the first set of legislated principles to ensure digital exchanges and operators protect users and market integrity by aiming to ensure standards of design, efficiency, transparency and an orderly market.

The move by Gibraltar arrives at a time when there is growing scrutiny, and at times regulatory concern, regarding digital assets and the platforms that service crypto.

“The creation of the Market Integrity working group is an important step for the jurisdiction as we continue to develop our DLT framework in line with an ever-evolving regulatory landscape, and also for the Global Blockchain Convergence,” said Garcia. “Gibraltar has long been a leader when it comes to fostering innovation and in the development of virtual asset service providers’ 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. We already have some of the largest groups in the world regulated in Gibraltar and this should continue to place those groups at the forefront of standard setting in the industry”

Garcia said he is grateful to the members of the working group for their contribution.

The members of the working group include the 4 Global Blockchain Convergence Steering committee members, Lee Schneider, General counsel at Block.one, Joey Garcia, Emma Channing, General counsel at the Satis Group, Sunavna Tuteja, Head of Digital Assets, TD Ameritrade, and the Global Blockchain Convergence members Joshua Klayman, Global Tech Sector Co-Leader, U.S. Head of Fintech and Head of Blockchain and Digital Assets, Senior Counsel, Linklaters LLP, Roman Beck, Head of European Blockchain Center (University of Copenhagen), Jannah Patchay, Regulatory and Market Structure Advisor, Markets Evolution; Director of London Blockchain Foundation, Tongtong Gong, Cofounder of Amberdata, Pawel Kuskowski, Coinfirm Founder, Nicholas Philpott, Banking Market Structure expert

 

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