Gibraltar blockchain startups to be licensed

Blockchain Europe Gibraltar

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.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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