ISOLAS, global thought leaders in cryptocurrency

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ISOLAS’ DLT Team, headed by Joey Garcia, one of only 12 global blockchain legal experts recognised by the leading legal directory Chambers & Partners, has recently contributed to a number of high profile industry publications, sharing their unrivalled expertise in the field.

U.S. Chamber of Digital Commerce

Most recently, Joey Garcia and DLT Partner, Jonathan Garcia, have contributed the Gibraltar chapter of the U.S. Chamber of Digital Commerce’s ‘Understanding Digital Tokens: Market Overviews and Proposed Guidelines for Policymakers and Practitioners’. The publication is the first instalment of a ‘comprehensive set of token and ICO guidelines’ produced under the leadership of former commissioner at the US Securities and Exchange Commission, Paul Atkins, and former CFTC Commissioner and Chair, James Newsome.  The project has brought together 350+ industry specialists including economists, executives, lawyers and analysts within the Chamber of Digital Commerce’s Token Alliance.

The Token Alliance notes that “the versatility of tokens has proved a challenge for U.S. regulators. The sheer number of unique characteristics that tokens may represent means that much work remains to be done to understand their potential and functionality. A digital token can be a security, a currency, a commodity, property, or even a hybrid of these characteristics. Some have even suggested that a token may initially represent one functionality, such as a security, and then shift and represent another, such as a commodity. When it comes to the regulatory treatment of a token, this very versatility can be baffling at best.’ The Token Alliance also acknowledges the fact that the recognition by other countries (including Gibraltar) of the potential of this technology makes the need for the US to develop a regulatory environment to welcome it more urgent.

The link to the Chamber of Digital Commerce’s report on Understanding Digital Tokens can be accessed here https://digitalchamber.org/token-alliance-paper/

Bloomberg Research

ISOLAS’ was cited as a source of information and insight as part of the production of a Bloomberg Research report into the Cryptoasset space by Satis Group.  The report, which provides an overview of the composition of the cryptoasset space as at 27 July 2019, also includes a report on the common applications of the various networks, metrics used to gauge network activity and, in particular, a legal jurisdictional overview which can be found at page 37.

It highlights that  “Gibraltar is in the process of drafting legislation specifically targeted at the sale of utility tokens, defined as entitlements to access future networks or consume future services. The government’s view is that these tokens represent commercial products and, as such, are not caught by existing securities regulation in Gibraltar even if there is an expectation of profit as the product/service is built out.”

 

Links to further information contained in the research report include links to information produced by ISOLAS and the full report can be found by clicking on the link below:

https://research.bloomberg.com/pub/res/d2gg3p_HTg39HRCuzQjIyy8NVZQ

Masters of Blockchain, on Amazon

Joey Garcia also contributed the Gibraltar chapter of Masters of Blockchain & Initial Coin Offerings: The rise of Bitcoin, Ethereum, ICOs, cryptocurrencies, token economies and what that means for startups, corporations and investors, by Andrew Romans, a Kindle book available on Amazon. “Andrew Romans’ captured wisdom from over 200 meetings and interviews with some of the brightest minds in blockchain with case studies of many of the first and most recent ICOs ranging from Ethereum to Stellar.”

Tim Draper, world-renowned billionaire investor/author/entrepreneur, who’s bullish views on the virtues of cryptocurrency and the potential for price appreciation makes him one of the industry’s most high-profile proponents, wrote the foreword to Masters of Blockchain.  A long list of top contributors from the blockchain space including, amongst others, Greg Kidd and Alex Mashinsky,

ICLG Fintech 2018

Finally, last month saw the publication of the International Comparative Legal Guide to Fintech 2018, described as “a great resource into the global topic of Fintech. Across 44 jurisdictions there is a unique insight into the landscape, regulation, funding and insight into the technology.

Key jurisdictions include Gibraltar with insight from Joey Garcia and Jonathan Garcia of ISOLAS LLP, USA covered by Reena Sahni of Shearman & Sterling LLP, Ireland drafted by Claire Morissey of A&L Goodbody, Israel covered by Ariel Rosenberg of Goldfarb Seligman, Canada with insight from Jeffrey Nagashima of McMillan, Isle of Man covered by Claire Milne of Appleby and South Africa reported by ENSafrica.

The report can be reviewed at https://iclg.com/practice-areas/fintech-laws-and-regulations.

 

The first half of 2018 has been a very busy six months for the DLT team at ISOLAS – by continuing to contribute to these publications, the DLT Team continues to push hard to entrench its position as market leader in Gibraltar and a source for genuine and insightful thought leadership for DLT in the global context.