Gibraltar Announces 'Blockchain' Regulatory Framework
by Amanda Banks, Lowtax.net, London
26 April, 2017
Gibraltar's financial services regulator, the Gibraltar Financial Services Commission, has announced that it will release proposals for a regulatory framework for firms engaging in distributed ledger activities, also known as Blockchain.
The proposals will be released for full public consultation on May 9, 2017, at the Digital Currency Summit to be held at the University of Gibraltar.
The proposed framework, which has been developed with Gibraltar Finance, the island's financial services promotion agency, will apply to firms engaging in activities not otherwise subject to regulation, who use distributed ledger technology for the transmission or storage of value belonging to others. The framework will support the development of Gibraltar's FinTech sector.
Samantha Barrass, CEO of the Commission, commented: "We actively encourage innovation by supporting those businesses looking to develop and introduce innovative ideas into the market. The proposed framework will facilitate a progressive, well-regulated, and safe environment for firms using distributed ledger technology to grow, whilst also ensuring that this new regulatory environment protects both consumers and the good reputation of the jurisdiction. We look forward to receiving feedback on this exciting project."
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