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Gibraltar
The government of Gibraltar has set out new rules designed to create “market integrity” in the space of digital assets, a market that continues to gain momentum.

Lawmakers in the British Overseas Territory have brought out rules for providers of distributed ledger technology – most commonly known as blockchain – who operate in Gibraltar.

The regulations give guidelines on how to stop markets from being manipulated and prevent insider trading.

“Like any other market, the virtual asset market must operate in a manner that is fair, orderly and efficient, whilst enhancing the levels of trust that firms in the regulated sector currently enjoy. We must ensure that we provide operators with a framework that enables them to maintain the same high standards as operators do in traditional industries,” Minister for Digital and Financial Services, the Hon Albert Isola MP, said.

Gibraltar is competing against other independent financial centres, such as Switzerland, Liechtenstein, Malta, Jersey and Singapore, as desirable places in which digital assets firms can do business. There is still a patchwork of different rules and standards regulating the creation and transfer of digital assets – a term covering cryptocurrencies such as bitcoin, or various “tokens,” and “smart contracts.” 

Kerry Blight, chief executive of the Gibraltar Financial Services Commission, said: “Since the introduction of the DLT regulatory framework in 2018, we have worked with government, specialist advisors, and industry to refine our guidance and ensure it is suited to this rapidly developing sector, providing both regulatory certainty to DLT providers and robust protection to their growing consumer base.”