Speech delivered by Nigel Feetham KC MP Minister for Financial Services HM Government of Gibraltar at the Gibraltar Crypto Conference held on the Sunborn Yacht Hotel on 20 th October 2023.
I am delighted to have the opportunity to deliver the opening remarks at the Crypto Gibraltar conference. Many of you, who may have been closely following our General Election, deserve a wellearned break from the endless political chatter, and I assure you that I will keep my remarks concise. First, I extend my warmest congratulations to Pete Burgess and his dedicated team for arranging this event here in Gibraltar. We wholeheartedly welcome the numerous visitors who have taken the time and trouble to travel here. I am confident that they will relish their time at the conference and the countless benefits that Gibraltar has to offer. As the introductory page of this event rightly emphasizes, "Gibraltar is now firmly established as one of the leading crypto centres in the world." Our journey commenced in January 2018 with the introduction of the DLT Regulatory Framework by my friend and predecessor in this role, Albert Isola. I must acknowledge the exemplary leadership and visionary insight he demonstrated in crafting and nurturing this unique regulatory framework. I am also happy to recognise the support provided by Paul Astengo in delivering it. This framework has proven to be a cornerstone of our success, providing license holders with the regulatory certainty essential for building thriving businesses. Notably, consumers enjoy a high level of protection, while we continue to attract immensely talented technology entrepreneurs who are forging powerful and prosperous new ventures. My own background lies in the realm of legal practice, specializing in financial services here in Gibraltar, a field I have been devoted to for over three decades. I have witnessed the incredible growth and prosperity of our financial services sector, particularly in areas like insurance and online gaming. I am delighted that our more recent partners in the crypto and blockchain domains have found their own footing and are flourishing despite the inevitable challenges. Irrespective of our small size, we consistently punch above our weight. Nevertheless, I am a staunch advocate for forward thinking, striving for more, and doing it better.
In the world of jurisdictions like Gibraltar, there is no room for complacency. We must persistently renew, refresh, and evolve. My unwavering commitment, along with that of my Government, is to nurture the growth of Gibraltar's financial sector while simultaneously diversifying it. While we cherish the strong relationship we share with the UK, cemented in the Gibraltar Authorization Regime (GAR) that allows for unparalleled mutual market access, it is imperative that we diversify geographically. Our DLT community is a shining example of the diversity we aim to achieve, with licensees hailing from all corners of the globe. I take immense pride in how our DLT firms are servicing a global client base. In the election manifesto, I set out a series of commitments and I am happy to share some of these with you. I am excited to announce that we will create a Digital Economic Council led by Paul Astengo. As we move this forward, I would encourage interested parties to submit ideas they may have to help make this a success. This council is poised to accelerate the adoption of technology and innovation in financial services. It will harness local talent, facilitate access to technology, and ignite innovation among budding entrepreneurs, including recent graduates. We are exploring the development and deployment of a secure and digital Gibraltar Pound. Turning our attention to the matter of our grey listing, I am confident that we will soon be removed from it. Nevertheless, we must keep this experience at the forefront of our minds to ensure it never recurs. I am dedicated to fostering growth, expanding the opportunities available to our youth in the realm of financial services. Let us collectively nurture our people and talent to achieve our shared aspirations, for your success is our success. We have already witnessed the positive impact of training and development in various facets. In my capacity as the Minister for Financial Services, I am here to offer my support. My door is always open. I invite each one of you to join me on this journey, as we collectively work to elevate Gibraltar to unprecedented heights.
Let us truly make Gibraltar a beacon of innovation and entrepreneurship, synonymous with leadership in cutting-edge technologies and the thriving business community that prospers in this dynamic space. I sincerely hope that you relish every moment at this event and enjoy your time in Gibraltar, especially if you have travelled from afar. Next week, we will be in London, hosting five events and in excess of 1,000 guests over three days. We will carry our message of financial services excellence to the heart of the City of London, promoting Gibraltar and the outstanding firms that call it home. One of the events is our DLT Lunch on Tuesday, it promises to be an outstanding event with an excellent list of senior industry figures sharing their expertise and experience with guests. I do hope that you enjoy the conference, it promises to be impactful and very relevant. Thank you. Nigel Feetham KC MP Minister for Financial Services