The Gibraltar Financial Services Commission (GFSC) has today published updated Distributed Ledger Technology (DLT) Provider Guidance Notes to further assist firms and protect consumers.
In alignment with the Financial Services Act 2019 and adhering to best practices, the updated Guidance Notes provide further information to firms and expands our existing expectations of DLT providers. The revised guidance notes replace the initial Guidance Notes published in December 2017.
During this time, the GFSC has gained experience from interacting and supervising closely with permissioned firms, and gained insight into other regulatory approaches through the GFIN membership. It is also encouraging to see the local industry and ecosystem that is developing and maturing.
Head of DLT & Markets, William Gracia, said: “My team and HM Government of Gibraltar have worked hard over the last few months hand in hand with industry, encouraging feedback where appropriate and we believe we have achieved a clear and helpful update benefitting both DLT providers and consumers.
“I’d like to thank the Gibraltar Association of New Technologies (GANT) for their support, as well as those DLT Providers and applicants who provided valuable feedback. I believe this is another step forward for Gibraltar’s innovative financial services sector.”
Albert Isola, Minister for Digital and Financial Services, commented: “The release of the updated Guidance Notes is another important step forward in the development of the DLT Providers Regulatory framework that has proved so successful to date. It is also a significant milestone in the evolution of our regulations as we embark on the road to achieve ongoing FATF compliance. My thanks go to all parties involved in delivery of these updates.”