Gibraltar Government to regulate ICOs
In a recent move, the Gibraltar Government is considering the regulation of the ICOs (Initial Coin Offerings), in order to develop a licensed framework for firms that deal with tech. They are reportedly planning to have the involvement of the British overseas territory’s legislature along with the Gibraltar Financial Services Commission (GFSC).
This decision is expected to safeguard the consumers and investors, just like many other countries that have adapted the ICO regulation. According to a GFSC Senior advisor, “One of the key aspects of the token regulations is that we will be introducing the concept of regulating authorized sponsors who will be responsible for assuring compliance with disclosure and financial crime rules”.
Earlier when an advisory was published on the blockchain funding model, the GFSC had stated that it would regularize the ICOs. The regulator had stated then that “considering a complementary regulatory framework covering the promotion and sale of tokens, aligned with the DLT framework.”
It was last year that the territory introduced to create a regulatory framework for the blockchain businesses supported the legal status of the technology as a platform for transmitting payments. This proposal was initially introduced by creating a passage by the lawmakers.
The move is also expected to facilitate an environment of certainty that will be an attractive feature for various businesses.
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