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Gibraltar Unveils Pioneering Blockchain Regulation Plans

Gibraltar has unveiled plans to develop a pioneering regulatory framework for distributed ledger technology (DLT) firms, aimed at minimising the risk of criminal activity while encouraging the uptake of innovative new business models.

The new rules will apply to any firm that uses DLT — best known as the technology underpinning decentralised virtual currencies such as Bitcoin — to store or transfer value belonging to someone else.

The Gibraltar Financial Services Commission (GFSC) will oversee compliance, and the controls will not apply to businesses already regulated “under any existing framework”.

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