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GFSC publish updated DLT Guidance Notes

17 Sep 20

The Gibraltar Financial Services Commission (GFSC) has today published updated Distributed Ledger Technology (DLT) Provider Guidance Notes to further assist firms and protect consumers.   

In alignment with the Financial Services Act 2019 and adhering to best practices, the updated Guidance Notes provide further information to firms and expands our existing expectations of DLT providers. The revised guidance notes replace the initial Guidance Notes published in December 2017.  

During this time, the GFSC has gained experience from interacting and supervising closely with permissioned firms, and gained insight into other regulatory approaches through the GFIN membership. It is also encouraging to see the local industry and ecosystem that is developing and maturing.  

Head of DLT & Markets, William Gracia, said: “My team and HM Government of Gibraltar have worked hard over the last few months hand in hand with industry, encouraging feedback where appropriate and we believe we have achieved a clear and helpful update benefitting both DLT providers and consumers.  

“I’d like to thank the Gibraltar Association of New Technologies (GANT) for their support, as well as those DLT Providers and applicants who provided valuable feedback. I believe this is another step forward for Gibraltar’s innovative financial services sector.”  

Albert Isola, Minister for Digital and Financial Services, commented: “The release of the updated Guidance Notes is another important step forward in the development of the DLT Providers Regulatory framework that has proved so successful to date. It is also a significant milestone in the evolution of our regulations as we embark on the road to achieve ongoing FATF compliance. My thanks go to all parties involved in delivery of these updates.”  

The updated Guidance Notes are now on the GFSC’s website under the About us section here and under the Getting Authorised section here.  

Notes to Editors

1. The GFSC is a 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 an efficient, forward looking, and credible regulator, that is fair and proportionate, and works collaboratively with stakeholders.

2. The GFSC's regulatory objectives 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. 

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Gibraltar Financial Services Commission
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