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Gibraltar intends to begin regulating ICOs

It is reported that officials in Gibraltar are weighing rules for initial coin offerings (ICOs).

12.Feb.18 12:23 AM
By Daria Zaytseva


Gibraltar intends to begin regulating ICOs

This follows an attempt to develop a licensing system for companies working with technology.

The discussions will include materials from members of the legislature of the British Overseas territory, as well as the Gibraltar Financial Services Commission (GFSC). As in many other countries that regulate the ICO, the government there has created the step aimed at protecting investors and consumers.

According to GFSC’ senior advisor Sian Jones, one of the key aspects of the token regulations was that the company would introduce the concept of regulation of authorized sponsors who would be responsible for ensuring compliance with disclosure and financial crime rules.

The GFSC earlier hinted that it would adhere to the rules around ICOs when it published a consultation on the blockchain financing model.

At the end of last year, the territory put in place a regulatory framework for blockchain businesses that shored up legal status of the technology as a means of transmitting payments. That proposal was first presented in October, with passage by legislators in December.

Government officials said that step would help to create an enabling environment for business. It is also reported that Gibraltar is considering the issue of regulating to investment funds related to cryptocurrencies and tokens.

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