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Gibraltar Parliament Passes Blockchain Enabling Bill

by Jason Gorringe, Lowtax.net, London
12 December, 2017

Gibraltar's Parliament has unanimously passed a Bill preparing the legal basis for the introduction of the island's new distributed ledger technology (Blockchain) framework, which will come into effect on January 1, 2018.

The Bill amends the Financial Services (Investment and Fiduciary Services) Act and supports the Financial Services (Distributed Ledger Technology Providers) Regulations 2017, which were published earlier this year.

The Bill, which received cross-party support, was presented to Gibraltar's Parliament by Albert Isola, Minister of Commerce, who commented: "Gibraltar is one of the first jurisdictions in the world to introduce a regulatory framework for distributed ledger technology businesses thereby providing the regulatory certainty required by quality firms that we aim to attract to Gibraltar. I am aware there are a number of businesses waiting to file their applications with the Gibraltar Financial Services Commission on January 1, 2018, and this is excellent news."

He added: "At the heart of our proposals is the protection of investors and the hard-won reputation that Gibraltar enjoys, I will not tire in restating this. We have undertaken a significant amount of detailed consultation publicly and privately over a three-year period to arrive at where we are today. My view remains that this represents a tremendous opportunity for long-term sustainable growth in our economy in a new and exciting area. We will seek to develop excellent long term relationships with operators of the highest quality and integrity."

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