The Government of Gibraltar is working to create a regulatory framework for the regulation of primary coin offers (ICO). This is reported by Coindesk.
“One of the main aspects of token management is the introduction of the concept of regulatory partners who will act as guarantors of compliance with the requirements of the law in the areas of disclosure of information and the prevention of economic crimes,” said Sian Jones, Senior Adviser to the Financial Services Commission of Gibraltar.
According to her, the main task in the development of new laws is the protection of the interests of potential investors and consumers. In the past, the Commission also published a recommendation guide for the ICO. As noted in the document, “the government considered creating a legal framework for the sale of tokens created using distributed registry technology.”
Recall, from January 1, came into force standards, according to which Gibraltar companies that provide services using blockchain technology, are required to obtain the appropriate license from the Commission on Financial Services.
The new rules cover any type of commercial use of distributed registry technology as a means of storing and transferring value. In particular, under the effect of the new rules, there are cryptocurrency exchanges.