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Gibraltar published draft rules for blockchain startups



The Financial Services Commission of Gibraltar has published a draft of its future regulatory framework for firms offering blockchain services.



13.Oct.17 5:14 PM
By Daria Zaytseva
Photo INNOV.RU

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Gibraltar published draft rules for blockchain startups

Planned to enter into force from January 2018, the new rules will cover any commercial use of distributed ledger technology (DLT) as a means to store and transmit value. Investment services (and other controlled financial offerings) related to technology would also be covered.
 
As part of this process, DLT service providers will be granted a working license, provided that they comply with certain regulatory principles.

As defined in the document, these principles include honesty, integrity, protecting client’s assets and maintaining a high degree of cybersecurity. And once these decisions are passed by the legislature of Gibraltar, the British Overseas Territory will become one of the few jurisdictions around the world that will offer a fully regulated structure for firms operating with the blockchain.

Earlier this year, the country's primary securities exchange, the Gibraltar Stock Exchange (GSE), disclosed a plan for integrating the blockchain into its trading and settlement systems.

And, last month, the Financial Services Commission of Gibraltar issued an investor warning about the initial coin offerings (ICOs). According to the statement, the risks associated with ICO investments made the authorities consider the possibility of creating a free structure for token sales on a DLT.

In today's project, there was no mention of the use of the blockchain.




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