blockchain.gi

Welcome to blockchain.gi

This website provides a background as to why BlockChain & distributed ledger technology ("DLT") providers, together with allied FinTech & ‘Open Banking’/banking application program interfacing (“API”) practitioners, should consider Gibraltar as a location of choice. The site is maintained by James Oton (a Gibraltarian Barrister) & Grant Jones (a Gibraltarian Chartered Accountant) who regularly advise BlockChain, DLT, FinTech & API enterprises. Both of us maintain offices & residences in Gibraltar & consider Gibraltar the premier Blockchain, DLT, FinTech & API jurisdiction.

We are Gibraltar’s blockchain, DLT, FinTech & API lawyers, accountants & advisers. Details of our respective legal & accounting regulated practices, & their offerings can be found at our referenced LinkedIn pages. Our offering includes a free initial consultation.

James Oton
James Oton LLB
  • A. Practising Barrister & acting Solicitor Gibraltar.
  • B. Commisioner of Oaths.
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Grant Jones
Grant Jones LLM
  • A. Chartered Accountant (England & Wales).
  • B. New York Attorney.
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Why should BlockChain & DLT providers choose Gibraltar?


Gibraltar has established an enviable position as a centre for BlockChain & DLT, through its principal-based, as opposed to rule-based, regulation & benign taxation, which is ahead of international BlockChain requirements, including the Financial Action Task Force (the “FATF”): leading to a substantial body of local BlockChain & DLT expertise, & the virtuous circle of ever more expertise being attracted to Gibraltar.


The Gibraltar BlockChain & DLT regulatory regime.


From the get-go, Gibraltar practised a principal-based, as opposed to a rule-based regulatory regime. What does that mean?

A principal-based system’s starting point is, ‘did you act in a principled way & are you principled people, & if so, you’re OK’. A rules-based system’s starting point is, ‘these are the rules, follow them & if so, you’re OK’. Rule-based systems are problematic. 1st in DLT’s dynamic world, products develop overnight & prescriptive rules date overnight too.

2nd, the rules are vague & lead to litigation: they are what lawyers refer to as ‘mission statement law’. Despite their vagueness the rules possess severe regulatory & penal sanction. In short such regulation becomes capricious. There is sometimes a 3rd way, ‘the sandbox’, whereby regulators allow new tech to develop in a contained, less rules-based way initially. Whilst sandboxing has its benefits, ultimately it is uncertain; for it still leads, if you’re lucky, hence the uncertainty, to a full rules-based regime.

So what are Gibraltar’s DLT & BlockChain regulatory principles?


The governing legislation is the very short (well, it’s based on principle, isn’t it). It’s the Financial Services (Distributed Ledger Technology Providers) Regulations 2020 (the "Regulations"). The Regulations list the principles:


LogoA DLT Provider must conduct its business with honesty & integrity.

Press here for the full Guidance Note.

LogoA DLT Provider must pay due regard to the interests & needs of each & all its customers & must communicate with them in a way that is fair, clear & not misleading.

Press here for the full Guidance Note.

Logo A DLT Provider must maintain adequate financial & non-financial resources.

Press here for the full Guidance Note.

Logo A DLT Provider must manage & control its business effectively, & conduct its business with due skill, care & diligence; including having proper regard to risks to its business & customers.

Press here for the full Guidance Note.

Logo A DLT Provider must have effective arrangements in place for the protection of customer assets & money when it is responsible for them.

Press here for the full Guidance Note.

Logo A DLT Provider must have effective corporate governance arrangements.

Press here for the full Guidance Note.

Logo A DLT Provider must ensure that all of its systems & security access protocols are maintained to appropriate high standards.

Press here for the full Guidance Note.

Logo A DLT Provider must have systems in place to prevent, detect & disclose financial crime risks such as money laundering & terrorist financing.

Press here for the full Guidance Note.

Logo A DLT Provider must be resilient & have contingency arrangements for the orderly & solvent wind down of its business.

Press here for the full Guidance Note.

LogoA DLT Provider must conduct itself in a manner which maintains or enhances the integrity of any markets in which it participates.

Press here for the full Guidance Note.


Gibraltar’s DLT & BlockChain professional ecosystem.


In addition to ourselves, Gibraltar has a wealth of DLT & BlockChain professionals. The DLT & BlockChain practitioner can choose from the small local professional, such as ourselves, to the large international professional firm. Isolas (especially Joey & Jonathan Garcia) & Hassans (especially the Financial Services dept headed by Nigel Feetham) were legal pioneers, who placed Gibraltar on the BlockChain & DLT map. X-Reg (especially Siân Jones) & Kroll’s local Gibraltar office (especially working with their US colleagues, such as Joshua McDougal) provide world-leading DLT & BlockChain consultancy.


Press/Media


"Gibraltar moves to become world’s first cryptocurrency hub"

The Guardian

"The Post Brexit Gibraltar Economy"

Bloomberg Television

"Gibraltar Introduces New Virtual Asset Legislation, Defining Standards for Market Integrity"

Gibraltar Finance

"HM Government of Gibraltar to Integrate Blockchain Technology into Government Systems"

HM Gov of Gibraltar

"Gibraltar's First Crypto Postage Stamp Goes on Sale"

Gibraltar Broadcasting Corporation

Click on the images to be taken to the respective presentations.


Testimonials.


In our space, James has been an incredibly professional lawyer with a human approach & likeability. Grant's tax expertise understands our requirements where others have failed to do so. I would highly recommend their services.

— Sarah King
 ziglu.io CPEO

Grant’s unique skill set & location, made him our go-to adviser.

— Michael Trisko

phore.io
CEO

Videos & Presentations


Grant Jones will be speaking at the London Society of Chartered Accountants 2022 FinTech summit. For further details see here.

Click the image below for all our videos and presentations.
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