Earlier today, I was delighted to be invited by the Government of Gibraltar to give a keynote speech at Gibraltar DLT Lunch in London, organised by Gibraltar Finance. The event took place at America Square Conference Centre.
The event kicked off with an inspiring opening speech from Nigel Feetham KC MP , the new finance minister of the Government of Gibraltar. Mr Feetham, a barrister by profession, has taken over the reins from The Hon Albert Isola CBE MP, another dedicated and committed professional who has transformed Gibraltar's cryptoassets landscape in his tenure as Gibraltar's Minister for Finance. Another name worth mentioning is Paul Astengo , senior executive at Govt. of Gibraltar, who has been instrumental in shaping the landscape of Gibraltar's digital assets ecosystem. Mr Isola and Mr Astengo also participated in BBA's Blockchain International Scientific Conference ISC2023, held earlier this year in Manchester.
William Gracia , Head of DLT at Gibraltar Financial Services Commission shared updates on the work of GFSC and regulatory challenges, as well as opportunities, posed by digital assets.
My keynote speech consisted of 3 parts:
- An overview of UK's Web3 landscape, the BBA ecosystem, and the road ahead
- UK's National Blockchain Roadmap (NBR) published in 2021 and its recommendation
- The UK All-Party Parliamentary Group on Blockchain Technologies (APPG), chaired by Natalie Elphicke Ross OBE , and parliamentarians from all leading political parties
There was also a panel discussion on digital assets with insights from Dr Lisa Cameron , Ian Taylor , Emma Joyce and Targ Patience . The panel was skilfully moderated by Alexander Royle .
There was an interesting question from the audience by Joshua Ashley Klayman Kuzar who asked about the intersection of AI and Blockchain, and its implications. Interestingly, I recently delivered a keynote on the very same topic at an event in Ireland..
I also had a chance to meet many industry representatives, journalists, policymakers, and Web3 founders at the event - a truly diverse and multi-disciplinary event!
Some of the Key takeaways from my speech, and reflections from the event were:
- Both Gibraltar and the UK are open for Web3 Businesses- while there are challenges, the policymakers are keen to listen to the industry and find out the pain points and how they can address them.
- International collaboration and the "nations collective wisdom" is vital for a harmonised web3 economy
- Countries working on Writing their National Blockchain Roadmap NBR must explore and identify challenges, availability of resources, involvement of stakeholders and the political will required to put forward effective policy frameworks
- Fostering quadruple helix innovation ecosystems, building consensus, identifying barriers to blockchain adoption, international collaboration, and long-term industry growth and work force planning are vital to build best-in-class Web3 economies
- It is important to measure the societal impact of blockchain applications – whether a Web3 startup is applying for funding or making a grant application, the potential or established impact of a blockchain project is a vital consideration – 25% of allocated funding is awarded based on demonstration of impact as per UK research excellence framework.
- Blockchain and web3 are some of the most sought after and well-paid skills, however there remains disparity around diversity and inclusion in the Web3 space. While 10% of Fortune 500 CEOs are women and 9% of FTSE100 CEOs are women, in the web3, this number is down to 6%.
- A Blockchain-enabled "Smart Digital Britain" is very much on the horizons. The foundations have been laid by organisations such as The British Blockchain Association and others, and ongoing collaboration and dialogue among stakeholders is now crucial.
- The new All-party Parliamentary Group on Blockchain Technologies is now working towards appointing the new BBA Advisory Board to lead the Working Groups of the APPG, as well as hosting events including an industry round-table and Christmas reception in December.Once again, I would like to thank Mr Nigel Feetham KC MP , Mr Paul Astengo , and HM Govt. of Gibraltar for the kind invitation, and congratulate them on their leadership in the Web3 space. We look forward to our continued collaboration with our counterparts in Gibraltar.
President
The British Blockchain Association