译文/Translated：
直布罗陀是世界上第一个通过专门法律支持分布式账本(DLT)技术的司法区域。2021年11月，Bullish (GI)Limited 从直布罗陀金融服务委员会（GFSC）获得DLT执照，这是其交易所启动的里程碑事件。
直布罗陀数字和金融服务部长阿尔伯特·伊索拉最近接受我们的采访，和我们聊到数字资产法规对保护消费者、市场诚信等问题上的重要性。
1. 加秘密货币的市值已经达到3万亿，各机构也在努力获得数字资产或寻找入门途径。直布罗陀这样的司法辖区是如何做到把监管优势、紧跟行业发展需求 、保护机构和私人投资者三者有机结合的？
我们整个社会都要求我们给消费者提供安全网，这个安全网就是监管。因此，从2018年开始，我们就在探寻法规框框架，为企业以及投资和与这些企业合作的个人提供足够的消费者保护机制和对应的法律法规。在这个框架中的机构和企业越多，它就能越快在全世界取得应用。在我看来，除非行业内有足够和合理的法律法规，否则机构是不会进行投资的，所以说，这就是进入该行业的必备条件。
我们整个社会都要求我们给消费者提供安全网，这个 安全网就是监管。
阿尔伯特·伊索拉
直布罗陀数字和金融服务部部长
2.我们了解到直布罗陀政府委派了一个工作组，想要执行第十个核心准则：市场诚信。什么时候会采取该准则呢？您觉得为什么这个准则是必要的？
2018年我们引入这个监管框架的时候，我们就知道，如果我们开发的框架要满足其目的，我们必须适时进行调整.我们和监管部门合作的过程中，我们在世界各地都找到证据表明我们有必要引入第十个原则，即市场诚信。这样监管方才有足够的监督，保证企业没有用各种方式滥用市场。因此我们要创造一个法律法规环境，鼓励和吸引高质量的企业。比如Bullish这样的企业，它现在在直布罗陀启动就是因为这个。他们对我们的监管框架有信心并信任我们。如果我们还想继续为了这个目标发展，我们就必须要站在这个监管原则的领先地位。所以这个第十个原则对我们很重要。它非常重要，我也相信未来它能更好地服务消费者。
3. 直布罗陀是第一个执行专门法规支持DLT提供方的司法辖区，但之后也有多个辖区参与竞争，直布罗陀现在有什么规划保持自己的领先地位、并进一步发展呢？
我倒不觉得其它司法辖区在自己的国家实行相似的系统会对我们构成竞争。我觉得越多国家针对该行业推出监管过程、系统和监督越好。我一直在说的是，直布罗陀不羞于改变自己的监管框架，在我们该做的地方保持领先地位。如果这意味着向其它辖区靠拢和学习，那我们肯定要这么做。如果需要改变，我们会改变的。重要的是这个行业。因此，对我们来说，监管框架是最核心的，我们会非常关注如欧盟的加密资产市场（MiCA）等，因为2024年它们也会推出自己新的框架。我们也关注反洗钱特别工作组（FATF）的动态，也会配合它们的行动。
所以我觉得这可以看成是很多多边组织和国家共同合作产生一个全世界通用的框架。如果全世界都有相似的框架控制行业的准入门槛，我们就能保护 Bullish这样的公司。如果我们能做到的话，我们就可以减少很多我们都不希望看到的问题。
4. 一些行业的参与者相信，如果全世界加密货币市场有一个统一的监管部门，我们就能实现统一监管、推动数字资产的发展和应用。你怎么看呢？
我认为国际标准很重要，也是必须的，但是我觉得全世界统一的一个监管部门不可能实现。你看看金融服务就知道世界上有很多监管者、很多想法、很多流程。比如如果你想等它真的实现的那天，那你要考虑还有一些地方这个活动是完全非法的。每个国家有自己的问题和议程。因此，寄希望于全世界统一的一个监管者来解决问题在我看来是完全不可能的。因此，我们能做的就是开发自己的监管框架，为国标做好准备。届时你会看到这个标准提供了全球都可以利用的最简洁的标准。但是，这和找到一个监管者监督整个行业在全球的运行还是有很大的差异的。我觉得这不可能，它不可能发生、也不可实现。
因此我觉得我们这样的国家应该要不断发展鼓励创新、鼓励大家 和高质量的公司一起合作。我是说，如果你在2018年的时候问我直布罗陀的目标是什么，那我要说我们要把Bullish这样的公司吸引到直布罗陀来。因此我们要做得就是努力，而我们现在都朝着同样的目标努力，这就很棒了。
原文/Original：
Gibraltar is recognized as the world’s first jurisdiction to enact purpose-built legislation in support of Distributed Ledger Technology (DLT). In November 2021, Bullish (GI) Limited obtained a DLT license from the Gibraltar Financial Services Commission (GFSC), a key milestone ahead of its exchange launch.
Gibraltar Minister for Digital and Financial Services, Hon Albert Isola MP recently spoke to us, about the importance of regulations for consumer protection, market integrity and other topical issues on the regulation of digital assets.
1. Cryptocurrencies have reached a market capitalization of nearly $3 trillion, and institutions are increasingly embracing digital assets or exploring entry points. How can jurisdictions like Gibraltar maintain regulatory advantage while keeping pace with this explosive growth, and maintain protections for institutional and retail investors?
I think the entire community requires us to provide consumers with a safety net and that safety net is regulation. And so, from 2018, we’ve been working with a regulated framework to provide those firms and the people investing and working with those firms to have the adequate levels of consumer protection and regulation that we can provide. The more that that is available to both institutions and the firms working in the space, I believe the quicker adoption will be expanded across the world. Because institutions will not invest, in my view, unless there is adequate and proper regulation in the space, which is a prerequisite to entry into the space.
The entire community requires us to provide consumers with a safety net and that safety net is regulation.
Hon Albert Isola MP
MP Minister for Digital and Financial Services, HM Government of Gibraltar
2. We understand that the Government of Gibraltar commissioned a working group with a view to introducing a 10th core principle which will focus on market integrity. What is the timeframe on this adoption, and why did you feel that this was needed?
When we introduced the regulated framework in 2018, it became obvious to us that there would have to be changes made over the course of time if what we had developed was to remain fit for purpose. In our interaction with the regulator, we have found evidence across the world of the need to introduce a 10th pillar, the 10th principle, which is in market integrity. This will enable the regulator to have proper oversight to ensure that firms are not abusing the marketplace in any way whatsoever. We set out in this journey to create an environment, legal and regulatory, which would encourage and attract quality firms. Firms like Bullish, which are now launching in Gibraltar are here precisely because of that. They have confidence and trust in the regulatory framework. If we are going to continue to be fit for purpose, we need to stay at the cutting edge of that regulatory principle. And that’s why the 10th one is so relevant to us. It’s important, and I think it’ll serve consumers well in the future.
3. Gibraltar was the first jurisdiction to enact purpose-built legislation in support of DLT Providers, but since then, a number of other jurisdictions have emerged as competition. What plans does Gibraltar have to stay ahead of the game and develop your proposition further?
I don’t regard the regulated framework as competition when other jurisdictions implement similar systems in their own countries. I think the more countries that introduce regulatory processes, systems and supervision for this industry, the better. What I have always said is that Gibraltar will not be shy about changing its own regulatory framework to remain at the cutting edge of what we need to do. And if that means looking at other jurisdictions and learning from them, then we shall certainly do that. If it means changing, we will change. We are totally committed to this space. And so, for us, the regulatory framework is a core part of that. And we will keep a very close eye on, for example, Markets in Crypto-Assets (MiCA) in the European Union, as they approach 2024 with their own new proposed framework. We are looking at what the Financial Action Task Force (FATF) is doing, and we’re complying with that.
So I think this is a lot of different multi-lateral organizations and countries working together in effect to produce a framework that works wherever you are in the world. This is only going to work to provide the levels of protection to the clients of firms like Bullish if we have a similar system around the world to control the entry point into the space. If we can do that, we will cut out a lot of the stuff that none of us want to see in it.
4. Some industry participants believe that having a single global regulator for cryptocurrency markets would spur regulatory integration and spur growth and adoption of digital assets. What do you think?
I think international standards are critical and essential, but I think a single regulator around the world would simply not work. If you look at what we’ve done in financial services, there are different regulators, different ideas, different processes. For example, if you were to wait for that to happen, there are parts of the world where this activity is completely illegal. Every country has got their own issues and their own agendas. And so, to believe that there is a hope of a single regulator around the world to deal with the space in my view is just simply not possible. And therefore, what we each need to do is contribute to those international standards by developing our own regulatory frameworks, which when you look at them, will combine to provide a minimum set of standards that should be applicable all around the world. But that’s very different from having a single regulator to cover this industry the world over. I don’t think that’s possible, would ever happen or feasible.
And therefore, I think countries like ours require keep pushing to encourage innovation, to encourage to work with quality firms. I mean, if you would’ve asked me in 2018, what my ambition in Gibraltar was, it would’ve been to attract firms like Bullish to the jurisdiction. So, what we are doing is working and we’re all swimming in the same direction, which is excellent.
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