The Gibraltar Financial Services Commission has announced that’s its distributed ledger technology (DLT) regulatory framework has come into effect.
It came into effect as of January 1, 2018, meaning firms using Blockchain to transmit or store value, regardless of the service, must be licensed by the GFSC.
The regulator of the Gibraltar financial services market said it offers an ‘outcomes-focused, principles-based regulatory framework for DLT that is objective, targeted and flexible’. The DLT framework will apply to activities, not subject to regulation under any other regulatory framework, that use DLT for the transmission or storage of value belonging to others. Firms and activities that are subject to another regulatory framework will continue to be regulated under that framework.
Nicky Gomez, 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!”
One of the leading RegTech companies in Gibraltar is QuanTemplate, a data management and analytics platform built specifically for the complex needs of the insurance and reinsurance industry. In August 2015, the company closed a $8.10m venture round, with investors including Route 66 Ventures, Allianz Ventures, Techstars, Anthemis Group, and Transamerica Ventures.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
