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GFSC issues ‘in-principle’ approvals to DLT applicants

24 Aug 18

The Gibraltar Financial Services Commission has today communicated “in-principle” decisions on the first batch of Distributed Ledger Technology (DLT) provider licence applications. The GFSC is currently considering a significant number of other applications which are at different stages of evaluation.

Since 1st January 2018, any firm carrying out by way of business, in or from Gibraltar, the use of DLT for storing or transmitting value belonging to others, needs to be authorised by the GFSC as a DLT Provider, subject to the transitional arrangements. The DLT Team has been working hard to process full applications and today marks a significant milestone in the regulation of DLT businesses.

Notes for Editors:

1. An “in-principle” decision is the first stage of full authorisation where an applicant needs to satisfy the GFSC on one or more requirements in order to obtain a licence.

2. The GFSC is the regulator of the Gibraltar financial services market, regulating providers of financial services conducted in both Gibraltar and other jurisdictions. The GFSC’s vision is to be a high performing, agile, and innovative regulator.

3. The regulatory objectives underpin the vision and mission statement. Namely, these are the promotion of market confidence; the reduction of systemic risk; the promotion of public awareness; the protection of the good reputation of Gibraltar; the protection of consumers and the reduction of financial crime.

 

Press Release Contact Details

Contact Name

Belen Valarino Sanchez

Contact Title

Communications and International Affairs Manager

Contact E-mail

media@gfsc.gi 

Address

Gibraltar Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar

Tel

+350 200 40283

Fax

+350 200 40282

Web-site

www.gfsc.gi