A draft of upcoming regulation of blockchain services has been published by Gibraltar’s Financial Services Commission.
According to the document, all commercial use of blockchain technology would be covered by the new regulations as long as it was for the purpose of storing and transmitting value – the latter defined by the paper as “assets, holdings, or other forms of ownership, rights or interests.”. The new framework would cover crypto exchanges and other cryptocurrency investment services.
The entities dealing with blockchain technology who conform to a set of principles such as honesty, protection of customer assets and sustaining a high grade of cybersecurity would be granted working licenses under the new framework.Tags: regulation
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