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Gibraltar

Regulations to strengthen companies’ legitimacy – government DLT advisor

December 19, 2017 by Ashley MAO

In a bid to attract new fintech firms, the Gibraltar Financial Services Commission (GFSC) is preparing a new set of licensing rules for Blockchain startups who use the technology to transfer money or assets.

The British overseas territory sees this new regulatory system as a way to attract new fintech firms — new Blockchain companies could boost the financial services industry after Brexit.

Nicky Gomez GFSC’s head of risk and innovation said that the need for more regulations was expressed by the companies themselves many of which “have been craving for a jurisdiction to regulate them.”

The new regulations will strengthen the blockchain companies’ legitimacy and make opening bank accounts easier for them – that is according to Sian Jones, Gibraltar government’s senior advisor on Distributed Ledger Technology (DLT)

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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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