Gibraltar Proposes Framework For Blockchain

Blockchain, FinTech, Innovation, News | April 28, 2017 By:

The Gibraltar Financial Services Commission has announced proposals for a regulatory framework for blockchain companies.

The proposed framework will apply to companies engaging in activities not otherwise subject to regulation who use blockchain for the transmission or storage of value belonging to others. The framework will support the development of Gibraltar’s FinTech sector.

The framework will be released May 9 at the Digital Currency Summit at the University of Gibraltar. A clinic to address questions on the document and distributed ledger technology (DLT) has been scheduled for the following day.

“We have worked hard in thoroughly researching the opportunities that could accrue to Gibraltar by creating an environment that would attract and nurture firms that operate in this space,” said Gibraltar Commerce Minister Albert Isola. “We are also mindful of the risks that any new business line may bring and I feel that we have struck a great balance between the two.”

“We actively encourage innovation by supporting those businesses looking to develop and introduce innovative ideas into the market,” said Samantha Barrass, chief executive of the Financial Commission. “The proposed framework will facilitate a progressive, well-regulated and safe environment for firms using DLT to grow, while also ensuring that this new regulatory environment protects both consumers and the good reputation of the jurisdiction.”