Since 1st January 2018, any firm carrying out by means of business, in or from Gibraltar, the application of distributed ledger technology (DLT) for saving or transferring value relating to others (DLT activities), must be approved by the Gibraltar Financial Services Commission (GFSC) as a DLT Provider.
Timeframe: Around 3 months
Minimum paid-up capital: Is set on a case-by-case basis
The DLT framework positions Gibraltar as a domain which promotes innovation, whilst assuring it remains to adhere its regulatory and necessary purposes and follows the modern demand for healthy and fast interaction with regulators in this fast-moving field of business. The DLT framework applies to actions, not subject to regulation below any other regulatory framework, that use DLT for the transmission or storage of value belonging to others. Firms and actions that are directed to another regulatory framework remain to be regulated under that framework.
We are thrilled to be ready to offer support to all Crypto-Businesses within the range of Distributed Ledger Technology (DLT) via a network of trained and controlled firms in Gibraltar. Gibraltar has shown steady leadership in the area of DLT by guaranteeing a thoroughly regulated ecosystem to support innovation whilst giving security and trust for potential firms and clients alike.
To Obtain Gibraltar DLT Provider’s License, one must follow this guidelines:
- The issue of a license is decided on a case by case basis;
- The organization is to present a detailed White paper;
- The company must hold an operational platform;
- Managing process requires to be established in Gibraltar and Nominee administrator is to engage in the company’s business activity;
- The organization will require to set up a bank account in one of the local banks, that may think the project as lacking at its discretion;
- A face to face presentation with the bank and GFSC will be needed;
- The candidate has to have a solid professional knowledge, expertise, and adequate experience;
- A minimum of 2 employees in Gibraltar. It should be regarded that they need to have enough knowledge and expertise to run the company from in Gibraltar.