Gibraltar introduces new virtual asset legislation

Friday 29 April 2022 11:56 CET | News

HM Government of Gibraltar has published new regulations setting the standard for market integrity in the virtual asset space. 

The amending regulations add a 10th Regulatory Principle to Gibraltar’s Financial Services (Distributed Ledger Technology Providers) Regulations, requiring that all DLT Providers operating in Gibraltar conduct themselves in a manner which maintains or improves the integrity of the markets in which they participate. Simultaneously, and reportedly maintaining consistency with the approach to the other 9 Regulatory Principles, the Gibraltar Financial Services Commission (GFSC) has published a Guidance Note which sets out its expectations of DLT Providers in this context. 

The new regulations and Guidance were drafted by the GFSC and a specialist Market Integrity Working Group. The Group was made up of a combination of Government representatives and leaders in the blockchain and digital asset space, who were convened for the specific purpose of considering and crafting the legislation and guidance.  

The content provides clear guidelines informed by industry and regulatory experts on the prevention of market manipulation and insider trading together with the creation of disclosure and trading standards.

First introduced in 2018, Gibraltar’s is a purpose-built regulatory framework for DLT businesses and sets out a rigorous authorisation and supervisory process in line with Gibraltar’s vision for the highest standards in regulatory adherence. 

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Keywords: regulation, cryptocurrency, DLT, blockchain
Categories: DeFi & Crypto & Web3
Countries: Gibraltar
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DeFi & Crypto & Web3

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