ARTICLE
25 November 2020

ISOLAS Partners Contribute To Global Legal Insights Blockchain & Cryptocurrency Regulation 2021

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ISOLAS

Contributor

ISOLAS LLP is a full service Gibraltar law firm and can advise on the full range of legal services available in Gibraltar. An award-winning firm, ranked by the world’s leading directories as a leader in the market, our only focus is on our clients and on delivering the best solutions.
ISOLAS Partners Contribute to Global Legal Insights Blockchain & Cryptocurrency Regulation 2021.
Gibraltar Technology
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Partners Joey Garcia and Jonathan Garcia, who form ISOLAS' expert Distributed Ledger Technology (DLT) team, have once again contributed to the Gibraltar chapter of the Global Legal Insights Blockchain & Cryptocurrency Regulation.

The GLI guide aims to analyse and interpret the state of regulation in the blockchain and cryptocurrency sector, covering government attitude and definition; cryptocurrency regulation; sales regulation; taxation; money transmission laws and anti-money laundering requirements; promotion and testing; ownership and licensing requirements; and mining in 20 jurisdictions. 

The Gibraltar chapter examines the uniquely progressive attitude of the jurisdiction's approach to the rising blockchain and cryptocurrency sector, highlighting its expanding market and offering valuable information for individuals and businesses wishing to invest and trade within the crypto field in Gibraltar. 

The partners discuss the amendment made by the Financial Action Task Force ("FATF") of their 2012 'Recommendations on International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation'. The update in relation to new technologies (Recommendation 15) now includes virtual assets, and virtual asset service providers ("VASPs"), requiring the latter to be regulated for AML/CFT purposes, as well as licensed or registered and subject to effective systems for monitoring and ensuring compliance with the relevant measures called for in the FATF Recommendations.

In an Interpretive Note to Recommendation 15, the FATF offered further clarification on the FATF standards that apply to these virtual assets and VASPs (the "INR 15") as well as "VASP Guidance", leading jurisdictions to implement measured in order to comply with both; measures which Gibraltar adopted in January 2018, over a year prior to their publication in June 2019. However, as Joey and Jonathan note, Gibraltar's existing DLT Framework already exceeds the FATF Standards with reference to the licensing and registration of VASPs.

The Gibraltar Chapter, published in GLI - Blockchain & Cryptocurrency Regulation 2021, is available to read online at: https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/gibraltar

If you would like further information please contact Joey Garcia at Joey.garcia@isolas.gi  or Jonathan Garcia at Jonatha.garcia@isolas.gi 

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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