Nicky Gomez from the Gibraltar Financial Services Commission has announced that it will introduce regulations to regulate blockchain businesses.
The principles of regulation of blockchain businesses suggested by Gibraltar Financial Services Commission are as follows:
1. Conduct its business with honest and integrity
2. Pay due regard to the interest and needs of its customers
3. Maintain adequate financial and non-financial resources
4. Manage and control risks
5. Protection of client assets
6. Corporate governance (mind and management of the firm in Gibraltar)
7. Security systems
8. Financial crime systems
9. Contingency plans
The scope of the regulations will cover businesses using blockchain for the transmission or storage of value belonging to others and does so by way of business. This will cover ICOs, custodians, exchanges.
Regulations will come into effect on 1 January 2018.