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Insurance and DLT sectors showcased in London seminars

Photos by Johnny Bugeja

Gibraltar’s insurance and distributed ledger technology sectors, and the opportunities they offered global companies, were the subject of two seminars in London this week as part of the annual Gibraltar Day events.

The seminars focused on Gibraltar’s experience in regulating new areas of business at the intersection with technology and were part of a three-day series of financial seminars in London.

They also highlighted the Gibraltar Authorisation Regime, which ensures regulatory alignment with Britain and allows access to the UK market from Gibraltar.

The seminars were addressed by Nigel Feetham, the Minister for Justice, Trade and Industry, and included panel discussions with sector experts.

Mr Feetham emphasized the crucial role of insurance in Gibraltar's financial success, highlighting his year and two days in office, during which he has worked on initiatives such as whitelisting and maintaining access to the UK financial services market, the only territory outside the UK with this privilege.

He also spoke about Gibraltar’s commitment to the UK through the GAR and the upcoming captive insurance regime aimed at expanding the market.

Following the minister’s remarks, Mervyn Skeet, Director of General Insurance Policy at the Association of British Insurers (ABI), delivered the keynote speech.

Mr Skeet addressed the current challenges, including customer trust, the understanding of insurance value, and the impact of pricing decisions on customer experience and affordability.

He also discussed the implications of consumer duty and Gibraltar's benchmark regulatory standards, the use of data, and the role of AI in transforming the industry.

The keynote was followed by a dynamic panel discussion, moderated by Yvonne Chu, Partner at Hassans.

The panel featured industry experts who examined the central theme of consumer duty and the alignment of regulatory efforts.

Participants included Mr Skeet, who continued the discussion on the challenges regulators face in a digital landscape; Joe Perdoni, Director of Prudential and Intensive Supervision at the Gibraltar Financial Services Commission (GFSC), who shared insights on how jurisdictions are aligning their regulatory frameworks and the timeline for GAR implementation; and Michael Sicsic, Managing Partner at Sicsic Advisory, who analysed the practicalities of implementing the new consumer duty regulations and the role of companies in ensuring compliance while serving consumer interests.

The panel explored the alignment of Gibraltar’s regulatory regime, the challenges of harmonising regulations, and strategies for effective collaboration between regulators and industry players.

They highlighted the need to balance innovation within the insurance sector with robust consumer protections, discussing new products and regulatory satisfaction.

The DLT seminar in the afternoon explored how this technology is transforming the future of financial services.

Mr Feetham opened the seminar with remarks that framed DLT as a cornerstone for innovation within financial services, emphasising the role of regulators and policymakers in facilitating the responsible growth of DLT solutions.

He underlined Gibraltar’s leadership in the regulation of digital assets and highlighted the importance of continued global cooperation to foster trust and drive innovation in the sector.

The keynote speech was delivered by James Ramsden, an expert on international finance and geopolitics.

Mr Ramsden provided a comprehensive geopolitical overview of the state of digital assets in major global markets, focusing on Russia, China, and India.

He discussed how these countries are approaching digital assets and blockchain technology, analysing the regulatory stances of each country and the impact this has on the global landscape for digital assets.

A panel discussion moderated by Targ Patience, Chair of Gant, followed the keynote address, offering a deeper dive into “The Gibraltar Experience from the Heavyweights”, exploring the commercial and regulatory aspects of DLT and digital assets.

The lineup of industry leaders included William Harvey, Head of Institutional Sales at Bullish, who discussed the need to align with core principles like compliance, customer focus, and risk management, which are essential for institutional clients in the digital assets market; Chris Knight, Managing Director of LMAX Digital, who offered insights into the trading opportunities and market growth facilitated by their business; Joey Garcia, Director and Chief Legal & Regulatory Affairs at Xapo Bank, who highlighted Gibraltar’s strong regulatory framework for digital assets, positioning it as a benchmark for institutional adoption, and explained that Xapo's UK licence allows it to facilitate financial promotions for Gibraltar firms, providing compliant pathways for market access; and Felipe Vallejo Dabdoub, Global Chief Corporate Affairs Officer at Bitso, who provided perspectives on the Latin American market, their expansion and the role of digital assets in enhancing financial inclusion.

The panel focused on the commercial opportunities presented by DLT and how businesses are navigating the evolving regulatory landscape while maximizing growth opportunities.

The conversation also examined how Gibraltar has positioned itself as a blockchain leader, benefiting from its established framework and consistency.

Looking ahead, the panellists expressed a desire for the regulatory landscape to evolve in a way that keeps Gibraltar at the forefront of innovation.

The need for a “living regulatory framework” that adapts to new challenges was underscored, with a call for balancing rapid product launches with regulatory oversight to maintain market integrity.

Each of the events concluded with a networking opportunity, allowing attendees to forge new connections, exchange ideas, and explore potential collaborations.

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