The government of Gibraltar is aiming to strengthen its bespoke Distributed Ledger Technology (DLT) regulatory framework, while becoming a standard-setter for other countries.

It has brought together an international working group responsible for defining the appropriate market standards for exchanges operating in the digital asset space.

The working group will define global market integrity standards while taking into account recently defined standards by the UK, the EU and other international bodies.

The current DLT framework includes nine principles that apply to DLT businesses operating in Gibraltar and a “10th Core Principle” is to be added.

Gibraltar says the resulting amended legislation will be the first set of legislated principles to ensure digital exchanges and operators “protect users and market integrity” by “ensuring standards of design, efficiency, transparency and an orderly market”.

Gibraltar’s minister for digital and financial services Albert Isola said: “The creation of the Market Integrity working group is an important step for us as we continue to develop our DLT framework in line with an ever evolving regulatory landscape.

“Gibraltar has long been a leader when it comes to fostering innovation and in the development of VASP [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.”

The steering group includes Lee Schneider, general counsel at Block.one; Emma Channing, general counsel for Satis Group; Joshua Klayman, US head of FinTech, blockchain and digital Assets at Linklaters; Sunavna Tuteja, head of digital assets at TD Ameritrade; Roman Beck, head of the European Blockchain Center at the University of Copenhagen; Jannah Patchay, regulatory and market structure advisor at the London Blockchain Foundation and Joey Garcia from ISOLAS in Gibraltar, among others.

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