Gibraltar Updates Its Regulations To Include The Latest FATF Rules
Gibraltar Updates Its Regulations To Include The Latest FATF Rules
September 22, 2020
Gibraltar Updates Its Regulations To Include The Latest FATF Rules
Gibraltar Updates Its Regulations To Include The Latest FATF Rules
September 22, 2020

Gibraltar Financial Services Commission (GFSC) has updated its regulations governing the operation of DLT providers to include the latest Financial Action Task Force (FATF) rules. 

It has been reported that by GFSC that this is in response to blockchain’s fast-moving nature, especially as the agency seeks to support companies while protecting consumers.

However, the updated guidance notes include the latest FATF recommendations around virtual asset service providers (VASP) and the ‘Travel Rule,’ which requires VASPs to collect and transfer customer information in transactions.

GFSC recommends considering virtual assets as ‘property,’ ‘proceeds,’ ‘funds,’ ‘funds or other assets,’ or other ‘corresponding value.’

According to the report, VASPs are required to capture and maintain “robust and accurate records of transactions” under GFSC’s guidance. Companies must also update potential investors and customers on risks around virtual assets and require additional factors or onboarding tests.

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Albert Isola, the Gibraltar Minister for Digital and Financial Services, said that the updated guidance brings the territory closer to meeting evolving global regulations.

He added:

“The release of the updated Guidance Notes is another important step forward in the development of the DLT Providers Regulatory framework that has proved so successful to date. It is also a significant milestone in the evolution of our regulations as we embark on the road to achieve ongoing FATF compliance. My thanks go to all parties involved in delivery of these updates.”  

Likewise, the consultation process began last November and included the GFSC, the Gibraltar Association for New Technologies, and DLT provider licensees.

GFSC said that the number of licensed DLT firms in the territory has reached 13 firms, including eToro, Huobi, Xapo, LMAX, Bitso, and Gnosis. 

Thus, Gibraltar has been hailed as a leader in the crypto industry for its openness and regulatory advances around crypto. It’s even been called the next crypto hotspot.

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Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.