Linklaters contributes to Gibraltar Government working group advising on New Digital Asset Legislation
Linklaters has participated in a Market Integrity Working Group advising H.M. Government of Gibraltar on new regulations setting the standard for market integrity in the virtual asset space.
The new regulations and guidance were drafted by the Gibraltar Financial Services Commission (GFSC) and the Market Integrity Working Group.
The Group was made up of a combination of Government representatives and leaders in the blockchain and digital asset space including Joshua Ashley Klayman, Linklaters U.S. Head of Fintech and Head of Blockchain and Digital Assets. The Group was convened for the specific purpose of considering and crafting the legislation and guidance.
The new regulations, published on April 27, 2022, sets the standard for market integrity in the virtual asset space. It provides clear guidelines informed by industry and regulatory experts on the prevention of market manipulation and insider trading together with the creation of disclosure and trading standards.
Joshua Ashley Klayman commented, “It was a true honor to participate in this important work as a member of the Market Integrity Working Group. These new virtual asset regulations will help to define the standard of integrity in the virtual asset space and provide the market a roadmap as the sector continues to develop rapidly.”
Joey Garcia of Isolas and Xapo, who co-led the working group added, “As a locally initiated exercise it was fantastic to have such an international input to the working group, and valuable participants like Joshua involved. Developing standards at the right pace to a developing ecosystem are important as we see this as a great step in the right direction.”
Other members of the Market Integrity working group included: Lee A Schneider, General Counsel at Ava Labs; Emma Channing, General Counsel, Satis Group LLC; Roman Beck - Head of European Blockchain Center (University of Copenhagen); Jannah Patchay, Regulatory and Market Structure Advisor, Markets Evolution; Tongtong Gong, Cofounder of Amberdata; Barbara Halasek, Coinfirm; Nicholas Philpott, Banking Market Structure expert.
