Protection of the value and reputation of the digital currency
release:2018-01-03 17:01:04 publisher:ZERO ONE EXCHANGE
In order to protect Gibraltar's encrypted digital currency customers, as well as the value and reputation of the country's encrypted digital currency, the Gibraltar Financial Services Commission has introduced legislation on blockchain technology. All companies that store and transfer the value of digital money must register with the committee-the regulation is due to take effect on January 1st 2018.
"World No. 1" Gibraltar
Last month , Gibraltar ' s legislature approved a financial services regulation update bill , but now they have again issued a DLT regulatory framework that establishes a legislative basis for the country ' s digital currency industry .
Nicky Gomez is the head of risk and innovation at the Gibraltar Financial Services Commission, and he says:
"We very much welcome DLT service providers to apply for registration and expect our work to be very busy in the coming months. We look forward to working with applicants to create more interesting block-chain innovative ideas."
Gomes also pointed out that Gibraltar's Financial Services Committee is the first regulatory body to launch the DLT regulatory framework. They will also actively cooperate with the financial services industry and the government of Gibraltar.
What is the envy of European countries ?
Gibraltar was a British overseas Territory, but its legal system was independent of the United Kingdom, enabling them to formulate their own administrative policies and regulations. The country's online gaming and financial technology industries were growing rapidly. There are also looser entrepreneurship policies and tax breaks that European countries can't match.
In December last year, the local council of 17 members passed a new bill on financial services, paving the way for the development of cryptographic digital money and blockchain technology. Gibraltar has created a new digital money industry to serve its economy and is moving away from British rule.
God, the queen, and the territory
Under the latest DLT regulatory framework, the rights and reputation of digital money users will be protected. Each DLT provider must communicate with customers in a fair, transparent, and unmisleading manner. In addition, DLT providers must protect customers' assets and make proper arrangements for them, including "emergency response, disaster response, and crisis management."
According to the Gibraltar Financial Services Committee website information pointed out that from the beginning of January 1, 2018, all the books to use distributed storage or transmission of digital assets belonging to other DLT service providers must get Gibraltar Financial Services Committee authorized to conduct business.