Gibraltar: Pioneer of Blockchain Laws – GFSC Launches New Framework
Blockchain Lincense from the Gibraltar Financial Services Commission Mandatory for Operating Companies
This month, Gibraltar was the first country in the world to introduce a regulatory framework for companies which are dealing with blockchain technology. As part of the new laws, it is mandatory for all firms which are using blockchain technology, also know as DLT, to transmit or store value which is belonging to others in the country, to purchase a licence issued by the GFSC (Gibraltar Financial Services Commission).
On January 1, 2018, the DTL Regulatory Framework was put into effect. Hereby, the GFSC is established at the body that will be in charge of the regulation of DTL in Gibraltar.
The GFSC stated that its main focus is to protect consumers and Gibraltar’s reputation “when considering any licence application and in its supervision and enforcement functions”.
The commission also said that the new framework meets its strategic and regulatory objectives. They are laid out in the nine regulatory principles designed for DLT applications.
Head of risk and innovation at Gibraltar Financial Services Commission, Nicky Gomez, said, “We are really excited to finally welcome applications from DLT providers; the team expects 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 GFSC 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.”
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