Gibraltar passed the new act to pave the way for blockchain regulation

nThe runaway commentary: The legislative body in Gibraltar recently passed a new act aiming to promote the development of other rules relating to the blockchain and cryptocurrency in order to bring about early regulation of this emerging field. The main reason why Gibraltar is so active in this respect is that it hopes to attract high-quality blockchain startups through clear regulation and guidance so as to further promote its own development in all fields.n
nTranslation: Inan
Last week, lawmakers in Gibraltar approved a bill that will boost the government’s broader blockchain program.n
The bill, passed on December 6, amended the Financial Services (Investment and Trust Services) Act of the Overseas British Territory to extend the scope of protection from investors to licensed agencies that carry out controlled activities (other than investment services) customer of.n
Although seemingly a little mysterious, the act represents a legitimate readjustment aimed at paving the way for the implementation of the new officially announced regulation last year that would define the blockchain in terms of storage and transmission value in accordance with the laws of Gibraltar usage of.n
Albert Isola, Minister of Commerce of Gibraltar, expressed his congratulation on the passage of the act and pointed out that when the DLT regulations are formally introduced in the new year, the enterprises concerned will need to apply for a permit.n
Isola said:n
n”Gibraltar is one of the first countries in the world to introduce a regulatory framework for the distributed ledger technology business to provide the high quality companies we want to attract as well as the regulatory clarity they require, and I know that many businesses are waiting for January 2018 On the 1st to submit an application to the Gibraltar Financial Services Commission, the passage of this act is good news for these companies. “n
nGiven the passage of this latest act, the Gibraltar 2017 Financial Services (Distributed Book Technology Provider) Regulations may also be approved. Next year, Gibraltar’s regulators may also set rules for the ICO, as mentioned in a statement released in September about the blockchain financing model.n
The Gibraltar Financial Services Commission said at the time that it was considering a complementary regulatory framework that would be consistent with the DLT framework, covering tokens promotion and sales activities.n

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