Gibraltar’s Government is Stepping Forward to Regulate ICOs
February 12, 2018 1:51 pm
Gibraltar’s Government will regulate ICOs
Gibraltar’s government and Gibraltar Financial Services Commission (GFSC) has declared that in the upcoming days it will develop a draft which will regulate Initial Coin Offerings (ICOs) in the British overseas territory.
The lawmakers say that the draft law has planned to regulate the promotion, sale, and also the distribution of digital tokens on the territory of Gibraltar is going to be the first ever set of regulations which are developed specially for ICOs.
Sian Jones, one of GFSC’s senior advisors told:
“One of the principal aspects of Gibraltar’s ICO regulations will be the introduction of the concept of authorized sponsors, who are supposed to be responsible for assuring compliance with disclosure and financial crime rules.”
The government and Financial Services Commission has revealed that the draft law will also set the disclosure rules which require ICO projects to provide sufficient, reliable and balanced information for people who buy the tokens.
The GFSC has already announced before that it would seek regulations around ICOs.
Meanwhile, the regulator told:
“It was considering a complementary regulatory framework covering the promotion and sale of tokens, aligned with the DLT framework.”