The Gibraltar Financial Services Commission’s (GFSC) DLT Regulatory Framework came in to effect on 1st January 2018. This means that firms in Gibraltar, that use DLT (also known as blockchain) to store or transmit value belonging to others, now have to apply for a licence from the GFSC.
The GFSC offers an outcomes-focused, principles-based regulatory framework for DLT that is objective, targeted and flexible.
Nicky Gomez, Head of Risk and Innovation, said: “We are really excited to finally welcome applications from DLT Providers. The team expect to be very busy in the coming months, and are looking forward to working on some interesting and innovative ideas with applicants. Working closely and collaboratively with the financial services industry and the Government of Gibraltar has resulted in the GFSC becoming the first regulator to introduce a DLT Regulatory Framework – it is a very encouraging time and we are also looking forward to the challenge!”
The GFSC holds as its primary objective to protect consumers and the reputation of Gibraltar when considering any licence application and in its supervision and enforcement functions. We have been working to make sure the DLT Regulatory Framework meets the GFSC’s regulatory and strategic objectives, as laid out in the 9 regulatory principles designed for DLT applications.
For further information on the GFSC’s DLT Regulatory Framework, you may follow this link to our DLT web page.
Notes for Editors:
- 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 recognised by our stakeholders as the model international financial services regulator and its mission is to provide financial services regulation in an effective and efficient manner in order to promote good business, protect the public from financial loss and enhance Gibraltar’s reputation as a quality financial centre. 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.