GIBRALTAR STRENGTHENS CRYPTOCURRENCY CONTROL

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The Government of Gibraltar had responded to the strengthening of the role of blockchain technology in the economy. Starting January 1, the norms which oblige companies to protect the rights and interests of consumers, inform clients about possible risks, as well as about actions in crisis situations have entered into force. In addition, these companies are required to have an appropriate license from the Financial Services Commission (GFSC). The new rules apply to any type of commercial use of blockchain technology as a means of storing and transferring a value. The cryptocurrency exchanges also fall under these rules. The authorities believe that legal innovation will contribute to technological innovation.

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