Gibraltar updates licensing rules for blockchain companies

The Gibraltar Financial Services Commission (GFSC) updated its guidance for blockchain companies in line with FATF recommendations, as stated in a press release.

GFSC amended seven of the nine points of the regulations on licensing blockchain companies. The package of amendments clarifies token issuance and includes a risk-management framework.

The Commission believes that the updated rules reflect the “natural evolution of certain regulatory principles.” The Minister for Digital and Financial Services of the country, Albert Isola, described the decision as an important step in developing the regulatory framework for blockchain companies.

“This is also an important milestone in the evolution of our rules, as we begin to operate in ongoing compliance with FATF requirements,” the minister said.

The licensing rules for Gibraltar’s blockchain companies took effect on 1 January 2018. They apply to all forms of commercial use of distributed ledger technology as a means of storing and transferring value.

In July 2020, the authorities of Gibraltar issued a license to the cryptocurrency exchange Currency.com. Earlier, a license to provide services was granted to the Huobi trading platform.

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