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Gibraltar set to issue Distributed Ledger Technology licenses

The Government of Gibraltar has released guidelines for Distributed Ledger Technology (DLT) providers wishing to secure a Gibraltar licence.

From January 2018, all operators conducting business in or from Gibraltar, and using blockchain DLT for storing or transmitting value belonging to others, will be required to hold a DLT licence.

Operators wishing to secure a DLT license will be required to pay a £2,000 initial application assessment fee, as well as a further application fee of between £10,000 and £30,000, subject to the level of complexity of the business.

Albert Isola, Minister for Commerce, commented: "This is another important step as we approach the launch of our DLT regulatory framework in January 2018 and will assist new applicants and their advisers to understand and inform the licensing process they will follow.

"Delivery of this project is meeting every challenging milestone and is demonstrating the ability that we have to innovate and deliver."

Nicky Gomez, Head of Risk and Innovation at the Gibraltar Financial Services Commission, said: "The GFSC’s key objectives concerning firms in any sector of financial services are to protect consumers and the reputation of Gibraltar. The Guidance Notes are there to support the regulatory principles with which DLT Providers will need to comply with come January 1st 2018."

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