Ramparts publishes guide to Gibraltar law of virtual currencies
We are pleased to announce the publication on lexology of a guide to the law of virtual currencies in Gibraltar.
There is no legislation that directly regulates virtual currencies in Gibraltar and the issue does not fit neatly into the existing financial regulatory regimes, such as those regarding financial instruments, securities, payment services, electronic money and anti-money laundering.
However, Gibraltar has recently announced that it intends to pioneer a regulatory regime to ensure certain Distributed Ledger Technology (DLT) operators regulated by the Gibraltar Financial Services Commission (GFSC).
Gibraltar is taking a lead in cryptocurrency and sees the crypto economy (which is much wider than virtual currency-related activities) as an area where it can be competitive as a small jurisdiction with a strong track-record in regulated e-commerce (ie, e-gaming, e-money and payments, and other electronically supplied financial services) and a reputation for attracting quality operators over quantity.
The GFSC has set up an Innovate and Create team to encourage innovation by supporting those businesses looking to develop and introduce innovative ideas for financial products or services into the market.
It is focusing on scalable and carefully-considered financial technology opportunities and working through the requirements that will be applicable to DLT operators from January 2018.
Please read the full article for more information.