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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
Last month, the lawmakers passed a bill that created a legal basis for the introduction of the new DLT framework.
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