04/01/18

GIBRALTAR: Blockchain Businesses Must Now be Licensed.

(LowTax.net) -- Gibraltar's financial services regulator, the Gibraltar Financial Services Commission, has announced its distributed ledger technology (DLT) regulatory framework is now in force, with effect from January 1, 2018.

This means Gibraltar firms using DLT (also known as blockchain) to store or transmit value belonging to others now have to apply for a license from the Commission.

Nicky Gomez, Head of Risk and Innovation at the Commission, said: "We are really excited to finally welcome applications from DLT providers. The team expect to be very busy in the coming months, and are looking forward to working on some interesting and innovative ideas with applicants."

"Working closely and collaboratively with the financial services industry and the Government of Gibraltar has resulted in the Commission becoming the first regulator to introduce a DLT regulatory framework – it is a very encouraging time and we are also looking forward to the challenge."

Further information on Gibraltar's new DLT regulatory framework is available on the Commission's website.

Source: LowTax.net