Gibraltar publishes DLT Framework Consultation
The Gibraltar Government has today published it's consultation on Proposal for a DLT Regulatory Framework at the Digital Currency Summit held at the University of Gibraltar
The Proposal can be viewed here
The new regulatory framework is aimed at regulating firms that are engaged in activities that use DLT for the transmission or storage of value belonging to others. It is an exciting and ambitious step forward and ISOLAS are delighted to have played an active part in the development of the proposed regime. Joey Garcia, of ISOLAS, is the Co-chair of the Cryptocurrency working group established by HM Government of Gibraltar which published the original outline regulatory framework for Virtual Currency operators and continues to be involved in this process. ISOLAS has also sponsored the first Gibraltar Digital Currency Summit which took place today with a focus on defining future regulation and at which the proposed new framework was launched.
The original outline paper has now been expanded to cover the wider DLT space, with a wide and discretionary regime that is to be established by our Financial Services Commission with the aim of applying the DLT framework principles in a proportionate and appropriate fashion on a case by case basis. It is felt that this outcome focused, principles based regulation is the only reasonable approach that may be taken to cover the breadth of possible case uses for the technology.
ISOLAS, through its initiative in this field, thinkFintechGi, will continue to participate in the development of this area of financial services business and echos the call for contributions to this process from relevant professionals and others, as we help shape this new and exciting area of business for Gibraltar