Gibraltar's
Financial Services Commission has published a draft of its upcoming regulatory
framework for firms offering blockchain services.
Planned to
come into effect from January 2018, the new rules will cover any commercial use
of distributed ledger technology (DLT) as a means to store and transmit value.
While this would include cryptocurrency exchanges, the word "value"
is also defined as including "assets, holdings, or other forms of
ownership, rights or interests." Investment services (and other controlled
financial offerings) connected to the tech would be covered as well.
Under the
framework, DLT service providers will be granted a working license, providing
they conform to some regulatory principles.
As defined
by the paper, these principles include honesty, integrity, the protection of
customer assets and maintaining a high degree of cybersecurity. And once the
rulings are accepted by Gibraltar's legislature, the British Overseas Territory
will be among the few jurisdictions worldwide to offer a fully regulated
framework for firms working with blockchain.
Speaking to
the Gibraltar Chronicle, minister of commerce Albert Isola said that this was
typical of the countries determination to facilitate innovation while maintain
a strong regulatory presence. He said: "We have done this before and will
do so again."
Samantha
Barrass, chief executive of the Gibraltar Financial Services Commission, said:
"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."
Earlier
this year, the country's primary securities exchange, the Gibraltar Stock
Exchange (GSE), revealed a plan to integrate blockchain into its trading and
settlement systems.
And, last
month, the Gibraltar Financial Services Commission issued an investor warning
on initial coin offerings (ICOs). The risks contained in ICO investments led
authorities to consider a complimentary framework for token sales on a DLT,
according to the statement.
Today's
draft made no direct mention of the blockchain use case.
Source : CoinDesk
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