The Gibraltar government is going to regulate ICO

The Gibraltar government is going to regulate ICO

Officials in Gibraltar to engage seriously in the development of legislation for ICO.

The planned discussions will be based on the materials of a special body in the British government, which is pursuing the legislative process in remote areas, as well as the financial services Commission of Gibraltar (GFSC). As in many other countries, involved in the management of ICO, the government of Gibraltar, the Prime objective of protecting investors and consumers. Sian Jones, senior adviser GFSC said that:

One of the key aspects of the token economy is that we will introduce the concept of regulation of authorized sponsors, which will be responsible for compliance with the rules of regulation.

In the GFSC has previously hinted that regulations for the ICO will be developed after you have clarified all aspects of the funding on the blockchain.

At the end of last year, Gibraltar established the regulatory framework for regulating blockchain businesses, which provided the legal status of technology as a means of payment. The proposal first appeared in October, and in December was approved by the legislature.

The government stated that this step will contribute to the creation of favorable conditions for business. It is also reported that Gibraltar is considering regulation of investment funds associated with cryptocurrencies, and tokens.

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