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Gibraltar

Gibraltar blockchain startups to be licensed

December 14, 2017 by Ashley MAO

Gibraltar startups working with blockchain are likely to be licensed, according to a Reuters report.

The licensing system created by The Gibraltar Financial Services Commission (GFSC) would apply to companies using blockchain to transmit money or assets technology.

Nicky Gomez, GFSC head of risk and innovation, said that the licensing system “Is the first instance of a purpose-built legislative framework for businesses that use blockchain […]”

Startups willing to be licensed would be required to hold capital of an amount specified on a case by case basis, as well as follow anti-money laundering and terrorist financing regulations.

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Ashley MAO, Coinlaw

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Ashley MAO is a member of the Coinlaw team. Read more about our team.

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