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

Overview

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.
Notable features

General information

Company structure

  • Minimum one shareholder ( maximum 50 shareholders) (no citizen or residency limitations)
  • Minimum two directors (at least 1 director with full voting powers has to be a citizen of Gibraltar)
  • A minimum of one extra Key-role employee in Gibraltar. This person can live in Spain giving that it is between Marbella and Tarifa

Confidentiality

  • Beneficial owners’ details – Not part of the public record
  • Shareholders’ details – Part of public record
  • Directors’ details – Part of public record

Taxation

  • 0% tax rate on profits earned outside Gibraltar
  • 0% tax rate on import and export of all kinds of art
  • 10 % tax rate on earnings obtained in Gibraltar
  • 0% of Value Added Tax
  • Other taxes: 0% (tax on capital gains or paid profits, wealth tax, property duty)

Accounting requirements – Must be presented to the Company Registrar on an annual basis

Audit – If the organization is licensed – an annual audit is expected

Secretary – Required

Registered office – Required

Registered Agent – Required

Procedure

In get a license, the following steps will be carried out:

  • Development of application forms
  • Correcting and changing the white papers and other policy papers forming part of the application
  • The inclusion of the company
  • Bank account application

License form with the Regulator

Documents Required

If you are thinking of getting Obtain Gibraltar DLT Provider’s License, kindly provide the following papers:

For the Company:

  • Complete White paper
  • Operational platform
  • Website address
  • The company will need to present its Economic forecasts

For the Applicant:

  • Notarized copy of valid passport (each of Administrator/Director or Shareholder)
  • Notarized copy of proof of residence (e.g. Utility bill of each Director)
  • Salvadoran Tax Payers Identification Card- for each shareholder
  • Bank reference (of each Administrator/Director)
  • 2 Character reference Letter issued by professionals (of each Administrator/Director and Shareholder)
  • Complete CV dated and signed by the applicant (of each Administrator/Director and Shareholder)
  • Diploma of higher education
  • Notarized criminal record

All paperwork needs to be provided in English**

* Additional reports may be asked by the Registry or local Bank at any point to verify specific information

** If reports are not in English, then they must be brought by a notarized translation