The Gibraltar Government and Gibraltar Financial Services Commission has published guidance notes to assist operators applying for licences under the Rock’s new regulatory framework for distributed ledger technology [DLT].
As from January 1, any company operating in or from Gibraltar using DLT to store or transmit value belonging to others will need to be licensed by the GFSC.
“I am pleased to have issued these comprehensive and well considered guidance notes today,” said Albert Isola, the Minister for Commerce.
“This is another important step as we approach the launch of our DLT regulatory framework in January 2018 and will assist new applicants and their advisers understand and inform the licensing process they will follow.”
Mr Isola highlighted the work undertaken by the private sector in Gibraltar alongside the GFSC to prepare Gibraltar’s move into this fledgling but booming sector.
“Delivery of this project is meeting every challenging milestone and is demonstrating the ability that we have to innovate and deliver,” he said.
Nicky Gomez, Head of Risk and Innovation at the GFSC, said the guidance notes supported the nine regulatory principles that DLT providers will have to comply with.
“The GFSC’s key objectives concerning firms in any sector of financial services are to protect consumers and the reputation of Gibraltar,” he said.
The nine principles are honesty and integrity; customer care; resources; risk management; protection of client assets; corporate governance; cyber security; financial crime; and resilience.