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A minster’s look at regulation and innovation: A necessity to strike a balance

Without constant nurturing through communication and collaborative efforts, the pursuits of legislators and businesses would be fruitless. Repeatedly, proponents of disruptive technologies have proven that regulation and innovation have an immense potential to actualize a mutually beneficial existence. The often delicate relationship between innovators and regulators — which may be mired by antagonism — is fundamental to the functioning of the global economy, especially at times as challenging as we are facing now.  The fuel that keeps the fire of the important relationship between regulators and businesses alight — like any — is communication and collaboration. This could not be…

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Gibraltar updates DLT framework to comply with FATF rules

Once again, Gibraltar is taking the lead in crypto regulations. The Gibraltar Financial Services Commission (GFSC) has updated its regulations governing the operation of distributed ledger technology (DLT) providers to include the latest Financial Action Task Force (FATF) rules.  The GFSC said this is in response to blockchain’s fast-moving nature, especially as the agency seeks to support companies while protecting consumers. The updated guidance notes includes 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,’…

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Gibraltar Updates Distributed Ledger Framework to Align With FATF Crypto Regulations

The Gibraltar Financial Services Commission (GFSC) has updated its guidance notes for distributed ledger technology (DLT) providers to include recommendations for risk management, as well as clarify aspects around the issuance of digital assets. In a statement released on September 17, the regulator said the new updates are part of an ongoing effort to adapt its regulatory framework to include the latest Financial Action Task Force (FATF) recommendations for virtual asset service providers. Gibraltar, which has been criticized by the European Union for not doing enough to curb money laundering in the past, particularly in its DLT rules, describes the…

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INX starts accepting crypto payments after raising $7.5M in its IPO

The company's $117 million SEC-approved IPO is the first of its kind. INX, a Gibraltar-based cryptocurrency exchange, is now accepting major cryptocurrencies as part of its initial public offering, or IPO. The company hopes to raise $117 million from both retail and institutional investors. According to the announcement, more than 3,000 retail and accredited investors registered for the INX token offering in the first 3 days. INX says that the company set the offering price $0.90 per token with a minimum investment of $1,000. BTC/USD, ETH/USD and USDC/USD exchange rates will be determined in the manner as disclosed in the…

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Gibraltar Gov’t Partners With Post-COVID DLT Hackathon

Gibraltar Finance, the business development arm of Gibraltar’s government, will provide support to the forthcoming Post-COVID Hackathon. Gibraltar Finance has been announced as an official partner of the upcoming Post-COVID Hackathon — a global, online initiative intended to create open-source solutions addressing the health, social and economic challenges posed by the post-COVID-19 era.The event is expected to see participation from hundreds of teams internationally building in the distributed ledger technology (DLT) sector, with over 200 industry experts slated to assist participants.Albert Isola, Gibraltar’s Minister for Digital and Financial Services, expressed pride in the government’s involvement with the hackathon, stating that…

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Gibraltar Financial Services Commission Grants DLT Licence to Currency.com 

by Richard Kastelein Regulated crypto assets platform Currency.com has been awarded a full Distributed Ledger Technology (DLT) licence that will allow Currency.com to utilise DLT to store and transfer crypto assets by the Gibraltar Financial Services Commission (GFSC). “Gibraltar has been working on financial regulation in this area for many years and has a strict application process for crypto companies. Our Gibraltar licence is an important endorsement for the platform and further confirms our adherence to the most stringent standards, providing the highest level of safety and security for our traders,” said Jonathan Squires, Currency.com’s CEO. “Not only has Gibraltar’s…

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