Gibraltar: Financial Services Commission Issues Statement on Initial Coin Offerings (ICOs)

On September 22, 2017 the Gibraltar Financial Services Commission published an announcement about the increasing use of tokens or coins based on distributed ledger technology (DLT) for fundraising purposes, especially by early-stage start-ups, and that it was considering a complementary regulatory framework covering the promotion and sale of tokens aligned with the DLT framework.

The new DLT regulatory framework, which was proposed earlier this year, will come into force from January 2018 and will regulate activities that use DLT to store or transmit value belonging to others, such as virtual currency exchanges.

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