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GFSC’s DLT Regulatory Framework goes into effect in Gibraltar
The Gibraltar Financial Services Commission's (GFSC) regulatory framework on distributed ledger technology (DLT) went into effect on January 01, 2018.
With the rollout of the new DLT regulatory framework, firms in Gibraltar that use the technology to store or transmit value belonging to others, will now have to apply for a licence from the GFSC.
“We are really excited to finally welcome applications from DLT Providers. The team expect to be very busy in the coming months, and are looking forward to working on some interesting and innovative ideas with applicants,” Nicky Gomez, Head of Risk and Innovation, said. “Working closely and collaboratively with the financial services industry and the Government of Gibraltar has resulted in the GFSC becoming the first regulator to introduce a DLT Regulatory Framework - it is a very encouraging time and we are also looking forward to the challenge!”
The GFSC said that it has been working to ensure that the framework meets its regulatory and strategic objectives, as laid out in the 9 regulatory principles designed for DLT applications. According to these principles, a DLT provider should
- Conduct its business with honesty and integrity
- Pay due regard to the interests and needs of each and all its customers and must communicate with its customers in a way which is fair, clear and not misleading
- Maintain adequate financial and non-financial resources
- Manage and control its business effectively, and conduct its business with due skill, care and diligence; including having proper regard to risks to its business and customers
- Have effective arrangements in place for the protection of client assets and money
- Have effective corporate governance arrangements
- Ensure that all systems and security access protocols are maintained to appropriate high standards
- Have systems in place to prevent, detect and disclose financial crime risks
- Develop contingency plans for the orderly and solvent wind down of its business
Last month, the lawmakers passed a bill that created a legal basis for the introduction of the new DLT framework.
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