Gibraltar establishes the legal regulation for the ICOs

In the coming year, the Gibraltar enters Regulatory framework for the blockchain technology. This means that the ICOs are now officially regulated in this jurisdiction.

The Gibraltar Financial Services Commission announced its intentions upon the ICOs regulating in October 2017. With the initiation of the new system on the first of January, it is now the first jurisdiction in the world to do so.

Nicky Gomez, head of risk and innovation at the GFSC, said: “We are really excited to finally welcome applications from DLT Providers. The team expect to be very busy in the coming months, and are looking forward to working on some interesting and innovative ideas with applicants.”

With the common world`s concerns upon the ICOs risks, coupled with the desire to limit and prohibit this method of crowdfunding, the financial authorities of Gibraltar approach can be considered unique. As we wrote earlier, at the end of last year Belarus have suddenly joined the ICOs friendly countries list: for the next three years, a kind of carte Blanche to run the initial proposals of the coins will be established here. However, Gibraltar was the first jurisdiction to launch a clear legal framework for the ICOs, and this year they are coming into force.

Follow our news — Descrow is carefully watching all the changes in the global ICOs legal space.