Gibraltar Introduces Groundbreaking Blockchain Regulation

The Gibraltar Financial Services Commission (GFSC) will introduce the world’s first individual license for fintech firms using distributed ledger technology starting next month, aiming to attract startups to the overseas territory of the United Kingdom.

This move, deemed unprecedented by authorities, officially recognizes the use of blockchain records as an accepted mechanism for payment transfers.

In the coming days, the GFSC will publish guidance on the application of the new law for firms using blockchain for the “transfer or storage” of funds and assets belonging to others. Consequently, licensed companies will become strong competitors to banks.

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