• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Fintech

Gibraltar moves to position itself as natural home to cryptocurrencies

Gibraltar moves to position itself as natural home to cryptocurrencies
  • Eugene Costello
  • 13 October 2017
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The Gibraltar government has moved to establish itself as the home for regulation of cryptocurrencies such as bitcoin that rely on distributed ledger technology such as blockchain, after jurisdictions that include China and Korea banned trading in them.

The government has published draft legislation that sets out a proposed regulatory framework relating to companies that provide services traded in these currencies using what is termed distributed ledger technology.

Related articles

  • Gibraltar publishes DLT guidance, licensing regime, to lure fintech start-ups
  • Gibraltar adds private foundations to its toolchest for wealth managers
  • Fintech firm takes 25% stake in Gibraltar Stock Exchange
  • Gibraltar drawing up legislation for ICOs

The Bill seeks to build upon regulation already created and aims, “within the next year” according to a local law firm, to provide a gateway for Ethereum Initial Coin Offerings (ICO) which are banned in locations such as China and South Korea, and offering them a “trustworthy destination”, said the firm.

Once the proposed Bill is approved by Parliament and passes into law, it means that Gibraltar will be the first jurisdiction in the world to have a regulatory framework governing these new technology-driven financial products, stealing a march on competing jurisdictions.

Gibraltar minister for commerce Albert Isola, pictured above left, paid tribute to the DLT Working Group and key members of Gibraltar’s Financial Services Commission (GFSC), stating that this embracing of fintech regulation will “provide long-term economic opportunity” for the jurisdiction.

He added:“The DLT framework positions Gibraltar as a jurisdiction which facilitates innovation whilst ensuring it continues to meet its regulatory and strategic objectives.”

‘Collaboration between government, industry and regulator’

Samantha Barrass, chief executive of the Gibraltar Financial Services Commission, said: “Today’s publication places Gibraltar at the forefront of the regulation of Distributed Ledger Technology businesses and is a wonderful example of what can be achieved through greater collaboration among industry, government and the regulator.”

“I truly believe that this regulatory framework demonstrates that regulators can keep up to date with technology without stifling innovation, protect consumers and create a well-regulated safe environment in which financial technology can flourish.”

Gibraltar law firm Ellul & Co summarised the requirements of nine regulatory principles which, under the new framework, DLT firms in Gibraltar must now adhere to. They are, the firm said, that companies must:

•    Conduct their business with honesty and integrity.

•    Pay due regard to the interests and needs of each and all its customers and communicate with them in a way that is fair, clear and not misleading.

•    Maintain adequate financial and non-financial resources.

•    Manage and control their business effectively, and conduct its business with due skill, care and diligence; including having proper regard to risks to its business and customers.

•    Have effective arrangements in place for the protection of customer assets and money when they are responsible for them.

•    Have effective corporate governance arrangements.

•    Ensure that all of their systems and security access protocols are maintained to appropriate high standards.

•    Have systems in place to prevent, detect and disclose financial crime risks such as money laundering and terrorist financing.

•    Be resilient and have contingency arrangements for the orderly and solvent wind down of its business.

The law firm added: “Other jurisdictions are working towards similar aims but the Gibraltar government and Ellul & Co are proud to have got there first.”

Cryptocurrency Advisor Trent Challis, commented: “DLT Investors can now have confidence in the fact that if they select a Gibraltar-licensed DLT firm and are actively supervised and have regulatory principles attached. It sends the message that Gibraltar understands DLT business, embraces innovation and is willing and able to license good quality firms.”

He concluded: “Our DLT firms will have credibility and the confidence of their customers; central features of any successful business. Such firms will find a comfortable home in Gibraltar.”

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Fintech
  • Regulation
  • Domicile
  • Bitcoin
  • Blockchain
  • Gibraltar

More on Fintech

FCA hands £3.4m back to unauthorised investment scheme victims

  • Regulation
  • 24 February 2021
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions

  • Regulation
  • 23 February 2021
Jersey regulator fines three firms for breaching money laundering rules

  • Regulation
  • 17 February 2021
FCA partners with Jersey regulator to probe new Woodford venture

  • Regulation
  • 17 February 2021
CISI launches anti-money laundering partnership with Qatari regulator

  • Regulation
  • 16 February 2021
Back to Top

Most read

EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
Global UHNWI population to grow by 27% over the next five years: Knight Frank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
J.P. Morgan Asset Management launches Global Income Sustainable Fund
J.P. Morgan Asset Management launches Global Income Sustainable Fund
Comment: Four key issues powering the renewable energy revolution
Comment: Four key issues powering the renewable energy revolution
Amati Global Investors launches strategic metals fund
Amati Global Investors launches strategic metals fund
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading