Gibraltar Commits to Introducing Blockchain Regulations by January 2018
- This is a key milestone for a process started in 2014 with Gibraltar's creation of the Cryptocurrency Working Group.
The government of Gibraltar announced on Friday that it is now on track to providing regulatory certainty in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term field by January 2018. The legislation has been designed to provide an efficient, safe and innovative regulatory framework for firms engaging in activities not otherwise subject to Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.
This is a key milestone for a process that started in 2014 with Gibraltar's creation of the Cryptocurrency Working Group.
Albert Isola MP, Minister of Commerce, commented, “I am delighted and excited in equal measure to publish this legislation today, after an extended period of thinking, consultation and review with the Industry and experts in this field. I am most grateful to the DLT Working Group, Sian Jones, Nicky Gomez and the team at the Gibraltar Financial Services Commission and to the individuals who have willingly shared their insight in the creation of this framework. I believe this framework will provide strong long term economic opportunity across many key areas of our economy. International reaction to our initiative has been overwhelmingly positive and reaffirmed our ability to embrace change in a safe and regulated environment; we have done this before and will do so again. The DLT framework positions Gibraltar as a jurisdiction which facilitates innovation whilst ensuring it continues to meet its regulatory and strategic objectives.”
Samantha Barrass, CEO of the Gibraltar Financial Services Commission, said: “Today’s publication places Gibraltar at the forefront of the regulation of Distributed Ledger Technology businesses and is a wonderful example of what can be achieved through greater collaboration among industry, government and the regulator. I truly believe that this regulatory framework demonstrates that regulators can keep up to date with technology without stifling innovation, protect consumers and create a well-regulated safe environment in which financial technology can flourish.”
The government of Gibraltar announced on Friday that it is now on track to providing regulatory certainty in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term field by January 2018. The legislation has been designed to provide an efficient, safe and innovative regulatory framework for firms engaging in activities not otherwise subject to Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.
This is a key milestone for a process that started in 2014 with Gibraltar's creation of the Cryptocurrency Working Group.
Albert Isola MP, Minister of Commerce, commented, “I am delighted and excited in equal measure to publish this legislation today, after an extended period of thinking, consultation and review with the Industry and experts in this field. I am most grateful to the DLT Working Group, Sian Jones, Nicky Gomez and the team at the Gibraltar Financial Services Commission and to the individuals who have willingly shared their insight in the creation of this framework. I believe this framework will provide strong long term economic opportunity across many key areas of our economy. International reaction to our initiative has been overwhelmingly positive and reaffirmed our ability to embrace change in a safe and regulated environment; we have done this before and will do so again. The DLT framework positions Gibraltar as a jurisdiction which facilitates innovation whilst ensuring it continues to meet its regulatory and strategic objectives.”
Samantha Barrass, CEO of the Gibraltar Financial Services Commission, said: “Today’s publication places Gibraltar at the forefront of the regulation of Distributed Ledger Technology businesses and is a wonderful example of what can be achieved through greater collaboration among industry, government and the regulator. I truly believe that this regulatory framework demonstrates that regulators can keep up to date with technology without stifling innovation, protect consumers and create a well-regulated safe environment in which financial technology can flourish.”