Gibraltar is currently one of the most advanced territories when it comes to the use of financial technology. The Gibraltar Financial Services Commission (GFSC) supports investors interested in setting up business in the financial industry on the British territory. Among these most popular types of businesses in the financial industry in Gibraltar are:
- – banking institutions;
- – investment funds;
- – brokerage firms;
- – insurance firms;
- – blockchain technology businesses.
With respect to companies creating blockchain technology in Gibraltar, it is useful to know that many of them are startups which issue initial coin offerings (ICOs) in order to support their activities. Our Gibraltar company formation agents can offer information on the legislation related to initial coin offerings.
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What is an initial coin offering?
An initial coin offering is related to the creation of a new cryptocurrency which is sold with the intention of raising funds. In Gibraltar, ICOs are usually issued by startup companies in the IT and financial fields. Foreign investors who open companies in Gibraltar are also allowed to issue ICOs in order to raise money for their activities.
The creation of an ICO in Gibraltar is strictly related to the use of blockchain technology which is currently being assessed by the GFSC in order the be legalized.
Our company registration consultants in Gibraltar can offer information on the current rules related to opening a cryptocurrency business here.
How to create an ICO in Gibraltar
The creation of a Gibraltar ICO does not necessarily imply registering a new company, as existing companies with access to blockchain technology can create a new virtual currency or digital token and then put in on the market to be sold. ICOs follow the same principle of IPOs (initial public offerings) which is usually employed by companies or investment funds selling shares of the Stock Exchange.
Even if at the moment no license is required to issue an ICO, the GFSC has started working on a legislation which will provide for the use of blockchain technology and licensing of companies using it at the end of 2017.
For more information on ICOs and assistance in opening a company in Gibraltar, please contact us.