Gibraltar Launches Blockchain Startup Licensing Program

nRunaway Comment: According to a report by Reuters, the Gibraltar Financial Services Commission (GFSC) announced the grant of a license to blockchain start-ups to facilitate smooth operation of these companies, ease of opening bank accounts and establishing legitimate relationships with potential customers. Next, Gibraltar will also pass a bill specifically targeting the DLT platform, as well as another bill to regulate the first digital token issuance.n
nTranslation: Clovern
The Gibraltar Financial Services Commission (GFSC) plans to open a new license plate for blockchain start-ups.n
According to Reuters, the license applies to companies using blockchain or distributed ledger technology to transfer funds or assets. However, Nicky Gomez, director of risk and innovation at GFSC, said these companies are looking to the government for regulation of the use of the blockchain.n
Gomez told the media:n
n”This is the first step in creating a legal framework for companies using blockchain or distributed ledger technology.”n
nOn Friday, Gibraltar will release guidance on how to pass the new law that uses its Financial Services (Investment and Trust Services) Act to legally define how blockchains can be used to store and transmit data.n
As reported by CoinDesk, Gibraltar will then pass a bill specifically for the DLT platform and another bill to regulate the first digital tokens issue.n
Sian Jones, DLT’s senior adviser to the Government of Gibraltar, told Reuters the new rules will make it easier for businesses to open bank accounts and establish legitimate relationships with potential customers.n
Under this regulatory framework, start-ups need to hold a certain amount of capital, but the exact amount will be determined on a case-by-case basis. According to the media, these companies must also comply with the AML and anti-terrorist financing rules.n
Jones said: “We have been with law firms and advisers to communicate, to help the company successfully set up and do business here.”n

Leave a Reply

Your email address will not be published. Required fields are marked *