Page 29 - Layout 1

FinTech
Gibraltar began regulating the iGaming industry and attracting high quality, new business which now sees an estimated 60% of bets made online processed by a Gibraltar- based company. The aim is to now open the doors to blockchain companies and emulate this success.
Fast forward to June 2018 and the Gibraltar Financial Services Commission (GFSC) is processing over 30 licence applications for blockchain companies, with big players such as Xapo and e-Toro publicly stating that Gibraltar will be integral to their future. The Government is about to release its second regulatory framework, this time focused on token sales. This aims to facilitate an ecosystem that eradicates scams and wild ideas and focuses on bringing high quality blockchain business to Gibraltar.
In addition to the well-established players, there will also be many smaller start- ups wanting to launch their token sales and bring their ideas to fruition. In order to do this and to abide by the new regulations they must set up in Gibraltar, or at least be able to evidence that the mind and management of the company is in Gibraltar. This might be
achieved by the appointment of locally based these services but a whole range of others corporate directors or via the relocation that require local know-how and the right
professional networks. Whether it involves obtaining office space, recruiting skilled staff, executing payroll or even a company pension scheme. Any company wanting to move to Gibraltar will benefit from a trusted
of the entire team, or part of its senior management to Gibraltar.
The pursuit of a regulatory license does not come without its challenges. The first step for any prospective licensee is to obtain
‘In addition to the well-established players, there will also be many smaller startups wanting to launch their token sales and bring their ideas to fruition
a legal opinion from a Gibraltar lawyer. Once partner to take care of their obligations, while the legal opinion is attained, the company the entrepreneurs focus on what they do best,
will be incorporated and a bank account opened. There are currently two crypto- friendly banks in Gibraltar. The lawyers will assist with any license applications required. These key steps to a successful relocation are not the only considerations when setting up. The company will require additional services, such as company secretary, corporate governance advice, accounting and local tax compliance.
The bigger picture requires not just
their business, ideas and plans and prepare for that successful launch.
www.abacus.gi
www.gibraltarinternational.com
Gibraltar International 29
‘