Gibraltar is Number One in the World to Develop a System for Licensing Blockchain Projects

December 16, 2017

Gibraltar is Number One in the World to Develop a System for Licensing Blockchain Projects

According to Reuters, The Gibraltar Financial Services Commission (GFSC) announced its intention to create a special official license for startups implementing developments based on Blockchain, the Distributed Ledger Technology, in their activity.

If one goes into details, this license will be applied to companies that distribute and send money using a chain of blocks. As Nicky Gomez, GFSC's Head of risk and innovation, says, many local companies have been waiting for such measures from the government.

"We have become the first country in the world to consolidate legal foundations for enterprises using the capabilities of Blockchain technology in their activity," Gomez said.

Also, Gibraltar is going to issue a guide to the application of the new law, which has amended the country's current law on financial services. The document will explain the conditions for using the technology as a tool for data transmission and storage of digital information.

One should note that earlier there was information about the government's plans to issue a bill intended specifically for DLT-platforms. In addition, in January next year, GFSC will develop a regulatory framework for the cryptocurrency market, and the rule of conducting ICOs will be fixed.

The Gibraltar government's senior advisor on DLT, Sian Jones, told Reuters that the upcoming laws would allow companies to easily open their bank accounts and establish their legitimacy with potential customers.

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