Gibraltar regulator for financial services, the Gibraltar Financial Services Commission (GFSC), has today communicated “in-principle” decisions on the first batch of Distributed Ledger Technology (DLT) provider licence applications. While not being drawn on specific figures, the GFSC has stated that it is “currently considering a significant number of other applications which are at different stages of evaluation”. A number of these applicants are considered to be important international players in the DLT, cryptocurrency and blockchain technology industries. An “in-principle” decision is the first stage of the full authorisation process whereby the applicant needs to satisfy the GFSC on one or more requirements in order to obtain a licence.
Making the announcement today on its website, the GFSC stated: “Since 1st January 2018, any firm carrying out by way of business, in or from Gibraltar, the use of DLT for storing or transmitting value belonging to others, needs to be authorised by the GFSC as a DLT Provider, subject to the transitional arrangements. The DLT Team has been working hard to process full applications and today marks a significant milestone in the regulation of DLT businesses.”
As the regulator of the Gibraltar financial services market, the GFSC aims to be high performing, agile and innovative. It’s objectives are to promote market confidence, reduce systemic risk, promote public awareness, protect the good reputation of Gibraltar and consumers, and to reduce financial crime. Today’s announcement is a significant next step in Gibraltar emergence as an important centre for the DLT sector.
To view the Distributed Ledger Technology Regulatory Framework in Gibraltar, follow this link: