A minister’s look at what regulators expect from the industry
Regulation is sometimes positioned as the enemy of innovation, an antagonistic force that reduces progress in the name of bureaucracy. However, when implemented sensitively and proportionately, regulation can strengthen a private sector’s reputation by creating the conditions necessary for businesses to focus on and enhance innovation.
Getting this right means working with entrepreneurs and providing them the opportunity to innovate and experiment while also enforcing standards that promote proper corporate governance and prevent illegal activity. Through ensuring robust controls, today’s evils such as money laundering and terrorist financing can be aptly combated. An open dialogue between regulators and businesses makes companies and entrepreneurs stakeholders in building a new and open ecosystem.
Albert Isola is Gibraltar’s minister for digital and financial services, with the primary responsibility of raising Gibraltar’s profile as a well-regulated financial services center, leading the way in DLT and online gaming regulation. Minister Isola previously served as Gibraltar’s minister for commerce, playing a central role in spearheading Gibraltar’s purpose-built DLT regulatory framework, which was introduced in January 2018 for firms using blockchain to store or transfer value.
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