At Forkast News, we had the chance to speak with Gibraltarian Minister of Financial Services and Gaming Albert Isola about how his small jurisdiction became a global leader in blockchain regulation. Our chat covered a range of topics, including the possible effect, or lack thereof, of Brexit on Gibraltarian regulation of cryptocurrencies, the growing importance of Asia in the world of blockchain, and how the industry has brought together experts in finance and experts in technology to create an entirely new space for discussion.
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- “A sandbox has limitations on businesses that want to engage in that particular sector. And that is why as a government, we decided to actually put a legislative framework in place to enable firms to have the certainty that they weren’t just in a sandbox, they were fully regulated, fully licensed, and we had gone through those businesses with a tooth-comb to ensure that we were comfortable with what those businesses were doing, how they were going to do it, and what standards they were going to meet,:
- “The ability to have a set of standards and core principles that businesses will have to comply with will be the future for blockchain and will also similarly be the future for tokens and how those are treated or regulated in the future years as well.”
- “The philosophy that we’ve always had in whatever we do is that we want quality firms fully regulated and licensed in Gibraltar and with their mind and management here in Gibraltar. And it’s that exact philosophy that we’ve transposed into the blockchain space.”
- “We’re not interested in having 100 or 200 firms. We’re interested in having a manageable number of firms, we’re interested in having a manageable number of businesses that we can regulate properly that care about their reputation as much as we do and enables us to drive forward in our support for the sector.”
- “There is business for everyone, and I don’t believe that…