Page 23 - Layout 1
P. 23

laundering (AML),” Vaziri contended, adding: “I cannot conceive of a situation where cash is anonymously recycled without any control.”
Vaziri reminded that the US required a
blockchain they will not exist in any other	of their operation and to be completely trans-
form!” Vaziri asked: “Will we get model smart
contracts for company incorporation, for issuance and transfer of shares downloaded
parent concerning any risk in relation to their operation, and to be able to sustain and develop their business.”
Siân Jones, who also runs COINsult and is a founding member of the UK Digital Currency Forum, maintained: “Of course there are risks, but also there are huge risks in not doing anything. Most jurisdictions have taken a ‘wait-and-see’ attitude – the EU is an example. In all likelihood in the first quarter of next year any business already established in Gibraltar and covered by the regulation will be able to continue operating and will have a 3-month period in which to submit an application to the GFSC.”
Other jurisdictions also aimed to attract DLT users, but she proclaimed: “We can maintain the lead in this area. No other jurisdiction has yet imposed a regulatory framework for financial services using DLT. Given that we have spent time in developing this particular framework, we will see others copy us in terms of the detail or approach that has been taken, but I think we are head and shoulders above any other jurisdictions.”
Ray Spencer
license to issue crypto coins and expected to do so also under a AML4 Directive. “Regulation will force issuers into the mainstream, by having a ‘white list’ within smart contracts with addresses, so that people can register”, he suggested.
“We have seen lots of ICOs in this area, so make ICOs easy in the token market in Gibraltar and across the board in every jurisdiction; in the Isle of Man it is already done – hopefully, it also will be in Gibraltar!”
the EU was
from a
registry and published using blockchain?”, noting “from a legal standpoint, it will take time for reg- ulation to catch up.”
Digi tokens revolutionise He claimed: “With digital tokens that are immutable and that are representative of shareholdings, we can develop use of blockchain with zero regulatory friction that can revolutionise the efficiency and security of company transactions.”
Escalating interest in crypto currencies & blockchain: Anthony Provasoli.
A Delaware proposal to issue shares on blockchain “will certainly rev-	nised that “this technology is still evolving olutionise the way shares are issued and	and is in its infancy and we have to be innova- records maintained”, he observed. Unlike	tive”. He said: “The principles of our regula- shares that are issued in a certificated form	tive approach to a large extent mirror the rules and regulated, “I believe we are going to have	we have that cover financial services entities. companies that are incorporated, but using	We expect firms to put customers at the centre
The GFSC’s Gomez recog-
Gibraltar International	23

   21   22   23   24   25