Gibraltar sets world-first with new blockchain laws

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Gibraltar turned out to be the initial jurisdiction in the world this month to put forward a regulatory structure for companies engaged with blockchain technology.

A bench of 17-member local Parliament passed a bill in the month of December that calls for the entire firms using DLT, or blockchain, to store or transmit value possessed by others in the country to procure a licence from the Gibraltar Financial Services Commission (GFSC).

On January 1, the DLT Regulatory Framework came into force and established GFSC as the body that will administer the regulation of DLT in Gibraltar.

GFSC in a statement said, its primary intention is to secure consumers and the esteem of Gibraltar, “when considering any licence application and in its supervision and enforcement functions.”

The GFSC also added that the DLT Regulatory Framework justifies its regulatory and strategic objectives, as laid out in the nine regulatory principles designed for DLT applications.

Nicky Gomez, head of risk and innovation at the GFSC, added: “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.”

The current updates around the regulatory updates in 2018 in Europe will be among the highlight of European Gaming Congress, organized by the team.