Gibraltar Updates Regulation According to FATF Order

The Gibraltar Financial Services Commission (GFSC) has updated its guidelines for distributed ledger technology (DLT) providers in the country. According to the announcement, the updated DLT guidelines will help both old and new companies and protect customers.

The updated guidelines include the latest FATF recommendations for Virtual Asset Service Providers (VASP). Companies are required to maintain reliable and accurate records of transactions, as well as inform potential investors and customers about the risks associated with virtual assets, and require additional tests.

There are 13 licensed companies operating in Gibraltar, including eToro, Huobi, Xapo, LMAX, Bitso and Gnosis, according to the GFSC. Gibraltar has been recognized as a leader in the crypto industry for its openness and regulatory advances in cryptography.

Image courtesy of Infocoin