Blockchain is the digital ledger technology behind bitcoin and other virtual currencies.
The Gibraltar Financial Services Commission’s (GFSC) Digital Ledger Technology (DLT) Regulatory Framework came in to effect on 1 January 2018.
Gibraltar firms which use blockchain to store or transmit value belonging to others, now must apply for a licence from the GFSC.
Nicky Gomez, GFSC’s head of risk and innovation, said: “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.
“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 regulator has laid out nine principles for licencees designed to protect consumers and Gibraltar’s reputation.
