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Coinfloor secures first DLT license in Gibraltar
The Gibraltar Financial Services Commission (GFSC) has issued its first Distributed Ledger Technology (DLT) licence to the U.K.’s oldest cryptocurrency exchange, Coinfloor.
The Regulatory Framework that came into effect in January, primarily to protect consumers and the reputation of Gibraltar is an example of how the jurisdiction has taken the lead when it comes to legislating cryptocurrency and blockchain.
Coinfloor, the London based crypto exchange, is the first offshore company to gain recognition as a regulated entity.
Obi Nwosu, Coinfloors CEO, commented to the Financial Times: “What impressed us was that this (legislation) was in the works for a long time. It’s been well thought out, well considered. They are focusing on quality over quantity.”
Blockchain giants close to completing DLT licences
eToro and First are in the process of completing their licence applications, which will enable them to operate from Gibraltar.
At a reception hosted by Hassans in Tel Aviv in October, part of the Gibraltar Day events in Israel, the CEOs of both companies said that the licence application process had been an arduous one, but that they counted this in
Gibraltar’s favour as a serious place to do business.
eToro, the world’s largest social trading platform with over 10m registered users and 500 employees worldwide met with the Chief Minister, Fabian Picardo and Minister for Commerce, Albert Isola, earlier this year for advanced talks to establish a presence for the company in Gibraltar.
6 Gibraltar International
www.gibraltarinternational.com
News
Chief Minister
remains optimistic
about EU exit talks
An agreement which provides for Gibraltar’s orderly withdrawal from the European Union is almost complete, Gibraltar’s Chief Minister, Fabian Picardo announced in October.
Following intensive Brexit meetings in London and Brussels, Mr Picardo said that there are a few issues that remain to be ironed out, but that he remained confident that the terms of a protocol to include Gibraltar would be agreed between the United Kingdom and European Union.
The meetings centred on the details of a specific protocol to the Withdrawal Agreement for Gibraltar, similar to protocols for Northern Ireland and the UK sovereign base areas in Cyprus.
It is important to note that the discussions on Gibraltar are part of the wider Brexit negotiations, for the United Kingdom to exit the European Union.
In the meantime the Government of Gibraltar continues to prepare for all eventualities, including the possibility of a no deal Brexit.
Isolas contributes to Blockchain
and Crypto regulation publication
Gibraltar’s longest established law firm, Isolas LLP, contributed a chapter to the Global Legal Insights Blockchain and Cryptocurrency Regulation 2019.
Joey Garcia, one of only 12 global blockchain legal experts recognised by Chambers & Partners commented: “Blockchain & Cryptocurrency Regulation 2019 covers government attitude and definition, cryptocurrency regulation, sales regulation, taxation, money transmission laws and anti-money laundering requirements, promotion and testing, ownership and licensing requirement, mining, border restrictions and more.
In my view, it is critical to Gibraltar’s success as a jurisdiction with such a strong focus in this area of business to continue to engage in these initiatives. It is important for Gibraltar that those of us who are leading the charge in this space should be taking the time to fully understand and engage in the debate relating to all the very complex and emerging issues relevant to the blockchain and cryptocurrency business.”