Global Standards Mapping Initiative (GSMI) 2.0
The GBBC is pleased to announce GSMI 2.0, a continuation and expansion of the first comprehensive effort to map blockchain and digital asset standards and regulation globally. GSMI 2.0 will be spearheaded by 9 working groups, each focused on a topic of critical importance to the continued advancement of the blockchain technology and digital assets ecosystem. GSMI 2.0 Working Group analysis and recommendations will culminate into a final report to be release Q4 2021.
Special thank you to our GSMI Core Partners: Accenture and SIX Digital Exchange. And, to our GSMI Core Academic Partners: Fudan Fanhai FinTech Research Center (FFFRC) and KAIST.
Latham and Watkins LLP
The goal of the Derivatives Working Group is to establish standards for derivatives in the blockchain industry. There is increasing interest in derivatives in this space, and thus it is important for the industry to create standards that allow for innovation while reducing systemic risk. This group will create guidelines that promote transparency and interoperability in this new area of derivatives. Due to the specialized skillsets needed in this working group, interested parties with derivatives background and experience will be eligible.
Derivatives Working Group Contributors
Cumberland DRW LLC
Digital Gold Institute (DGI)
FTSE Russell, London Stock Exchange Group
Genesis Global Trading
SIX Digital Exchange (SDX), SIX Group
Digital & Crypto Asset Regulation
Global Digital Finance
Steptoe & Johnson LLP
The goal of the Digital & Crypto Asset Regulation Working Group is to establish a set of suggested regulatory guidelines for digital assets. Digital assets are subject to a wide breadth of regulatory regimes around the world, with some jurisdictions adopting effective regulations while others have stymied innovation or failed to protect consumers. This group will identify which regulatory frameworks have been most effective and develop guidelines for countries to adopt these regulations.
Digital & Crypto Asset Group Contributors
Caribbean Blockchain Alliance
Central Bank of Seychelles
Hut 8 Mining
Stellar Development Foundation
The goal of the Digital Identity Working Group is to establish a set of technical and policy standards surrounding digital identity. In recent years the inadequacy of traditional identity systems has been laid bare, as evidenced by the mismanaged rollout of new ID systems (like REAL ID in the U.S.), rising rates of identity theft and fraud, an endless number of usernames, passwords, and cyber-attacks, and the global debate surrounding vaccination records. Government-issued identification has not kept pace with our increasingly global and digitized world, creating countless inefficiencies and frictions. Digital identity has the potential to significantly improve identification systems, in the process creating a more secure, connected, and equitable world. However, these systems must be developed thoughtfully to avoid potential pitfalls.
Digital Identity Working Group Contributors
FinTech Business Unit, Government of Bermuda
Cloud Compass Computing Inc.
Continuum Loop Inc.
U.S. Department of Health and Human Services
Her Majesty’s Revenue and Customs
There is an increasing use of technology that enables distributed and peer-assured transactions and tax events by economies in which sovereign states participate. This development means that all tax professionals in both public and private sectors need to understand the implications of that increasing use for the ongoing administration of those tax systems enabled by the sovereign states. By their nature those distributed systems predicate a more ecosystemic and collaborative approach to how tax systems are to remain effective and relevant both domestically and internationally.
The goal of the Global Taxation Group is to introduce a framework for collaboration and to help develop that understanding and the capacity of those tax professionals to provide good quality and evidence-based advice to policy makers and decision takers in the public and private sectors. The Group will identify and develop best practices for streamlining, redesigning, and improving the administration of existing tax systems that will optimize the functioning of distributed systems benefiting the private and public sectors. The group will develop options for tax authorities considering implementing distributed systems, as well as possible implementation of certain initiatives, to improve transparency and efficiency with respect to tax system administration / application and the better implementation of policy objectives in light of the above mentioned developments.
The consideration of the taxation of cryptoassets and other associated sovereign fiscal policy issues are out of scope for the Group; the Digital & Crypto Asset Regulation Working Group may cover such topics.
The goal of the Green Economy Working Group is to make “Green” a quantifiable goal that will impact our world. The organizations that are working together on this will establish a taxonomy, technical code, workflows, analytics and best practices to enable tokenization of carbon credits and make them digital assets for verification, validation, and trading. The working group will focus on the specifications from the Interwork Alliance’s Sustainability Working Group. The Sustainability Working Group is focused on the use case of Greenhouse Gas (GHG)/Carbon emissions and offsets. These standards will serve as foundations for both voluntary and regulated carbon markets using distributed ledger techniques to create an auditable ecosystem.
The GSMI Green Economy Working Group will coordinate efforts to establish one set of documentation and standards for the industry.
Digital Impact and Governance Initiative, New America
World Economic Forum
The goal of the Policy Working Group is to identify and recommend policies that can enhance innovation in the blockchain sector while protecting consumers. Jurisdictions around the world — including countries, states, provinces, and cities — have taken different approaches to the promotion of blockchain technology, including regulatory sandboxes, innovation hubs, and investments. This group will identify which policies have been most effective in creating healthy and sustainable blockchain industries.
Korea Advanced Institute of Science and Technology (KAIST)
The goal of the South Korea Working Group is to bring the best resources, knowledge, and people in South Korea working on the blockchain industry, legislation, regulation, policy, and technology together. South Korea presents a unique case of blockchain adoption, having industrialized from a war-torn state quickly. It has dynamic capabilities of technologies, culture, and institutions, despite its large size compared to early adopters of blockchain. KAIST, alongside six major Korea-based blockchain associations, will focus on research to highlight to the international community the blockchain and digital asset innovation happening in Korea.
South Korea Working Group Contributors
Blockchain & Law
Inter-American Development Bank
Korea Blockchain Association
Korea Blockchain Industry Promotion Association
Korean Blockchain Startup Association
Korea Society of Blockchain
Ministry of Science, ICT and Future Planning
Open Blockchain and Digital Identity Association
SIX Digital Exchange
The goal of the Taxonomy Working Group is to establish a cross-jurisdictional, cross-industry taxonomy of frequently used blockchain-related terms. Currently there is no single agreed upon taxonomy for the blockchain space, which creates significant barriers to regulatory clarity and industry adoption. It is critical for the industry to develop clear, concise, and generally agreed upon definitions of digital assets, crypto assets, cryptocurrencies, virtual currencies, stablecoins, and more. This group will examine existing definitions and develop an effective taxonomy.
Hyperledger, The Linux Foundation
Technical Working Group Contributors
Enterprise Ethereum Alliance
EY Baseline Protocol
International Telecommunication Union, United Nations
London Stock Exchange Group
Stellar Development Foundation
About the GSMI Fellows Program
The GBBC has partnered with select academic institutions actively involved in blockchain and digital asset research to launch the GSMI Fellows Program, an eight-month fellowship for exceptional students from partners institutions to contribute to GSMI 2.0 research and analysis.
Daejeon, South Korea
Dr. Kibae Kim
Principal Researcher, Korea Policy Center for the Fourth Industrial Revolution
Prof. So Young Kim
Director, Korea Policy Center for the Fourth Industrial Revolution
“KAIST is proud to have taken part in the GSMI since its initial launch and to continue working with the GBBC and partner institutions on GSMI 2.0. The GSMI Working Group focused on South Korea and chaired by KAIST will highlight to the international community how South Korea is an important testbed of blockchain adoption in a large, dynamic, and advanced society. Furthermore, the GSMI Fellows Programme offers an important and unique opportunity for scholars from KAIST to take part in an initiative that will propel the blockchain and digital asset industry forward.”
MIT Sloan School of Management
Dr. Roberto Rigobon
Society of Sloan Fellows Professor of Applied Economics
“Property rights are a fundamental piece in the working of capital markets. Without them economies do not function properly, yet property rights are often misdefined, leading to issues and frictions. Blockchain technology offers a new way to design and transact property rights. Initiatives, such as the GSMI, are moving the needle in the direction of change as we seek to develop taxonomy and processes crucial to the functioning of capital markets.”
Miami University Farmer School of Business
Dr. Arthur Carvalho
Dinesh & Ila Paliwal Innovation Chair; Assistant Professor of Information Systems & Analytics
“One of my missions as a professor is to help students pursue meaningful experiential learning activities outside the classroom. The GBBC GSMI fellows program provides just that opportunity. The potential to shape blockchain-related policies and practices by working side-by-side with leaders from industry and academia will be of tremendous professional and personal value to my students. As the fellows share their acquired knowledge with others at Miami University, we ensure we are all collectively providing cutting-edge education on blockchain technology.”
Portland State University
Dr. Stanton Heister
Sr. Instructor of Management; Co-Director, Business Blockchain Certificate Program
Dr. Kristi Yuthas
Cameron Professor of Accounting; Founder, Business Blockchain Certificate Program
“Portland State University is proud to partner with GBBC and to assist with their GSMI. Portland State’s Blockchain Certificate program, focused on educating business professionals, produces students who understand blockchain and its importance in a broad range of industries and jurisdictions. Standards are essential to adoption of blockchain solutions and GBBC is playing an important role in documenting and supporting the advancement of standards with their mapping initiative. PSU’s blockchain students understand the importance of this global project and will be assisting in this effort over the next several months. We want to thank Sandra Ro and her team for the opportunity!”
Singapore Management University School of Law
Professor Locknie Hsu
Professor of Law
“The GSMI Fellows Program offers an important opportunity for SMU law students to participate in blockchain technology-related mapping and research work, in collaboration with students in other countries. It allows them to step outside the “legal silo” to better appreciate different dimensions of technology applications and of policy-making, complementing what they learn in the courses which I run, including Law & Digital Commerce and Contract Law.”
University of Bahrain
Dr. Aisha Bushager
Chairperson of Computer Engineering Department
“The University of Bahrain is one of the first universities to have issued digital certificates anchored to a blockchain. As such, our students have experienced first-hand the advantages of blockchain-based solutions in creating secure, tamper-proof systems for the verification and recording of critically important records and data. As a leader and pioneer of blockchain in the MENA region, the University of Bahrain is proud to partner with the GBBC on the GSMI, providing some of exceptional scholars the opportunity to contribute to the advancement of blockchain and digital asset standards globally.”
University of Dundee
Dr. Mohd Hwaidi
Lecturer in Law
“As a world leading research university transforming people lives, the University of Dundee is proud to work with the GBBC in its fellowship programme for Global Standards Mapping Initiative (GSMI). It is the first global initiative to map regulations in all jurisdictions that regulate blockchain technology in digital assets and financial markets. Such a mapping is crucial for enabling an effective global discourse and we envision it as the cornerstone for any future comparative study in the law of blockchain and finance. The work done by those on the fellowship will enhance the ability of policy makers to adapt the most effective regulations and in turn, transform lives.”
University of Wyoming Center for Blockchain and Digital Innovation
Professor Steven Lupien
Director and Professor, University of Wyoming Center for Blockchain & Digital Innovation
“Wyoming is a pioneer state known for firsts. In recent years, the state passed groundbreaking legislation to create a regulatory environment to foster blockchain application growth and diversify the economy. To aid this effort and train the upcoming workforce, the University of Wyoming is launching a new Center for Blockchain and Digital Innovation…”This tech is going to fundamentally change the way businesses and consumers operate in the future, very much like the internet did,” says Steven Lupien, an adjunct professor of finance and director of the new UW center.”
(Source: University of Wyoming)