Gibraltar to Licensing Blockchain Startups Commission …

Gibraltar to Licensing Blockchain Startups

The Gibraltar Financial Services Commission (GFSC) is about to create a new license targeting blockchain startups. Writes about it Reuters.

The license can be obtained by companies engaged in the transfer of money or assets using blockchain or distributed ledger technology.

Many jurisdictions are in no hurry to participate in the licensing of blockchain startups, citing the novelty of the technology and the uncertainty of its application areas. However, Niki Gomez, head of risk and innovation at GFSC, argues that a large number of companies want governments to begin regulating this area..

“This is the first example of a targeted legal framework for companies using blockchain or distributed ledger technology,” he said..

On Friday, the government will publish a guide that explains how, in light of the new amendments to the financial services law last week, the Gibraltar jurisdiction will define the concept of blockchain and its use for storing and transmitting data..

After that, local legislators will prepare a specialized regulatory framework for DLT platforms and ICO regulation.

Senior government adviser Shan Jones explained that the new laws will simplify the process of opening bank accounts for blockchain startups and will regulate their relationship with customers..

Gibraltar to Licensing Blockchain Startups Commission ...

In addition, there will be requirements for the minimum capital of startups, which will be determined individually in each case. Licensed companies will be required to comply with anti-money laundering and anti-terrorist financing laws.

“We are in dialogue with law firms and consultants who will help companies establish themselves here,” added Jones..

Recall that the provisions of the forthcoming regulatory legal act designed to regulate the activities of blockchain companies in Gibraltar were published in October.

Photo: Botond Horvath