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“AI will become sentient around the same time

“AI will become sentient around the same time that conference room A.V. works flawlessly every time” - Jeff Garzik. Recent developments in the area of Fintech & DLT Gibraltar’s future in DLT/blockchain. Siân Jones. The future's bright, the future's Orange.

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“AI will become sentient around the same time

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  1. “AI will become sentient around the same time that conference room A.V. works flawlessly every time” - Jeff Garzik

  2. Recent developments in the area of Fintech & DLTGibraltar’s future in DLT/blockchain Siân Jones

  3. The future's bright, the future's Orange Created by WRCS for Orange Personal Communications Services Ltd

  4. 2015: Cryptocurrency working group • 2 reports • 2016: GFSC charged with developing regulations • Q4 2016: Expanded to distributed ledger technology • Q2 2017: Consultation paper published • October 2017: DLT Regulations became law • 1 January 2018: DLT Regulations came into force

  5. Pioneering method for regulating businessesthat use a nascent, evolving technology

  6. Purpose-designed • Outcomes-focused • Principles-based • NOT soft or light-touch regulation • Just as robust • Regulated to same standard as other financial services businesses • Appropriate, proportionate & relevant

  7. Carrying on by way of business, in or from Gibraltar,the use of distributed ledger technologyfor storing or transmitting value belonging to others

  8. Outcomes • Protect consumers • Protect Gibraltar’s reputation • Good for Gibraltar’s economy

  9. Nine principles • Honesty & integrity • Fairness • Resources • Systems & controls • Protection of customer assets • Corporate governance • Systems & security • Financial crime • Orderly & solvent wind-down

  10. ∼30 applicants • Broad range of use cases & business models • ∼50% currently having applications assessed • Expecting to grant first licences: Summer 2018

  11. I C O Initial Coin Offering

  12. Offering of tokenised digital assets to the public • Public token offering • Means of raising finance • Typically by early-stage startups • Without issuing securities • Now being using for later-stage financing • … and by established enterprises • Largest ICO to date raised $4bn

  13. Use of PTOs exploded in 2017 • September 2017: Public statement • December 2017: Discussion paper • February 2018: Press release • March 2018: Policy document • March 2018: Added to Proceeds of Crime Act • Q2 2018: Expected legislation

  14. Token regulations • Complement DLT Regulations • Primary market promotion, sale & distribution • Secondary market conduct • Investment & ancillary services

  15. The future's bright, the future’s DLT

  16. The future's bright, the future’s red and white

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