Gibraltar is developing a licensing scheme blockchain startups

The financial services Commission of Gibraltar (GFSC) is planning to create a new license for startups working with bloccano.

According to Reuters, the license will apply to firms taking money or assets using the technology of the blockchain, or the distributed registry. The head of the GFSC in the direction of risk and innovation Niki Gomez (Nicky Gomez) companies expect that governments will regulate the use of the blockchain. Gomez said:

«This is the first example of the deliberate creation of legislative base for enterprises using the technology of the blockchain, or the distributed registry».

Today Gibraltar will publish guidance on the application received last week of the new law, which amends the financial services and markets act. It allows from a legal point of view to determine how blackany can be used to store and transfer data.

As previously reported, the next steps the government will aim to pass a bill that is specifically designed for DLT-platforms, as well as another bill that regulates the initial placement of tokens.

Senior Advisor to the government of Gibraltar on the technology of distributed registry sian Jones (Sian Jones) told Reuters that the new rules will enable businesses easier to open Bank accounts and to confirm the legality of their actions in front of potential clients.

In accordance with the draft law, startups will have to hold some capital, the precise amount will be determined in each case. They will also have to follow the rules of combating money laundering and the financing of terrorism.

«We talked to law firms and consultants, helping companies to work here to understand what exactly should be a new law,» said Jones.

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