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Gibraltar Proposes New Law for Digital Currency

Written by: Bridgewest

Gibraltar-proposes-new-law-for-digital-currencyAs countries all over the world are moving towards a digital era in which digital money will play an important role, the number of countries regulating the use of cryptocurrency is increasing. It is also the case of Gibraltar which now has a consultation paper regarding the establishment of cryptocurrency businesses on the Rock. Our company formation agents in Gibraltar can assist foreign investors who want to open a company in the financial industry here.

The draft law will provide for the distribution of virtual money in Gibraltar

At the end of May, the Gibraltar Financial Services Commission published a new proposal which regulates digital money and which also provides for the distribution of ledger technology and the creation of cryptocurrency businesses in the Rock.

According to the representatives of the Commission, this was the next natural step for Gibraltar which is known for the advanced financial sector it has. Moreover, the new law would enhance the territory’s reach to foreign investors interested in opening companies in Gibraltar. The consultation paper also aims at creating a favorable environment for businesses seeking to launch innovative ideas on the Gibraltar market.

Our company registration consultants in Gibraltar can offer information on the current legislation related to setting up financial companies here.

What are the key characteristics of the consultation paper?

First of all, before the paper was drafted, the Financial Services Commission has consulted with private companies in Gibraltar on how the new law should look like. A thorough research was also carried out by specialists before drafting the new regulations which cover areas like:

  • -          honesty, transparency and integrity of the company;
  • -          how the financial and non-financial resources will be managed;
  • -          risk management and control protocols;
  • -          the interests to be paid to customers;
  • -          asset protection strategies;
  • -          the security systems to be put in place;
  • -          anti-money laundering strategies;
  • -          corporate governance and management of the Gibraltar company.

For assistance in setting up a business in Gibraltar, do not hesitate to contact us. You can also rely on us for information on the most developed industries in Gibraltar.

 

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