The government of Gibraltar has big plans for blockchain and as such the country’s law makers have passed a bill in that sets the tone to make this a reality.
The 6th of December saw clear a bill that makes changes to the British overseas territory Finance Services (nvestment and Fiduciary Services) Act. This has been done in order better protect investors to customer licensees who transact on controlled activities which are not investment services.
The bill is simply put, “a legal tweak intended to pave way for new rules”. As at last year, the officials had made their intentions known that they will take steps to legally define blockchain and its scope in entirety.
Albert Isola, Gibraltar’s Minister of Commerce, has been excited about this bill and is upbeat about an increase in the demand for licenses once the Distributed Ledger Technology (DLT) specific regulations are formally instituted – and this is expected to happen in the new year.
The Minister remarked that:
“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 that there are a number of businesses waiting to file their application with Gibraltar Financial Services Commission on the 1st of January, 2018 and this is excellent news.”
There are indications that after the DLT regulatory framework are fully developed, Gibraltar might institute laws to govern Initial Coin Offering (ICO) as a statement in September this year suggested.
The statement from the Gibraltar Financial Services Commission stated that it is “considering a complementary regulatory framework covering the promotion and sale of tokens, aligned with the DLT framework.”