On the 1st of January, Gibraltar has developed a system designed to protect the customers of crypto-currencies in the country. The target device technology blockchain. All the companies operating in the trade of crypto-currencies must now be approved by the financial services Commission (GFSC).
A world first
The regulatory framework for the technology records digital (DLT) was introduced a month after the government of Gibraltar has approved a bill aimed at updating its regulation of financial services. The country has laid the foundations for a new legislation governing the sector of crypto-currencies in the country. These devices are also relevant to the financial services and online games always considered as the main pillars of the economy of Gibraltar.
You will find below a video detailing these facts :
Nicky Gomez, director of the department of risks and innovations of the GFSC, said that they are really happy to welcome finally the applications of the suppliers DLT. They are eager to work on interesting ideas and innovative, he added. Gomez pointed out that the GFSC has become the first regulator to introduce a regulatory framework for the DLT in collaboration with the financial services sector and the government of Gibraltar. The manager said that this is an initiative quite encouraging and they were looking forward to the challenge.
A real advance in the field of digital currencies
As a british territory overseas, Gibraltar has a legal system independent from the United Kingdom. This has allowed him to develop his own government’s policies. The country has attracted financial firms and companies of sports betting in its jurisdiction through tax policies advantageous.
In December, the Parliament of the country, composed of 17 members, has modernized the financial services legislation in the territory. It has opened the way to a set of rules to respond to the challenges posed by crypto-currencies.
Source : NewsBitcoin