Gibraltar lawmakers last week approved a bill that corresponds to the government’s plans for implementation of blockchain technology.
December 6, lawmakers approved a bill that amends the Law on financial services (investment and fiduciary services) overseas territory of the UK, “to enhance measures for the protection of investors to customers of the licensees carrying out regulated activities that are not investment services.”
The bill is a legal add-on designed to give the opportunity to come into force new rules, which officials announced last year as part of a proposed legal definition of the use of blockchain technology in the storage and transfer of value of assets according to the laws of Gibraltar.
Albert Isola, Minister of Commerce of Gibraltar, said that the approval of the bill should stimulate the demand for licenses as soon as the official rules DLT will officially come into effect in the new year.
Gibraltar is one of the first jurisdictions in the world to introduce a regulatory framework for enterprises using the technology of distributed registries, thereby providing the regulatory certainty required by serious companies and organisations that we seek to attract to Gibraltar. I know that there are a number of companies that are awaiting transfer of their submissions to the Financial Commission of Gibraltar on 1 January 2018, and that’s great news .
It is expected that next year regulators in Gibraltar will start to develop rules specifically designed for holding and regulation of the ICO, as previously reported in September.
At that time, the financial services Commission of Gibraltar stated that it “considers the establishment of additional normative database spanning ICO and projects on the basis of the DLT”.