On 22 September the Gibraltar Financial Service Commission (GFSC) released a statement on Initial Coin Offerings (ICOs) that shows promise for the future of the industry in Gibraltar. The statement outlined the important role tokens play in raising finance for early stage startups and proposed to introduce a new regulatory framework as early as January 2018 to ensure that Gibraltar continues to be a ‘sound and safe place to do business’.
“A new regulatory framework for DLT which will become operational as from January 2018 will regulate the activities of firms, operating in or from Gibraltar, that use DLT to store or transmit value belonging to others, such as virtual currency exchanges”
This is good news for current and future enterprises looking to launch token sales out of Gibraltar. The number of projects approaching TokenMarket to undertake token distribution has risen dramatically throughout 2017, but a considered regulatory framework is still lacking in the global arena. TokenMarket welcomes any such assistance and assurance the GFSC can provide to this emergent ecosystem to ensure we can continue to foster tokenization as a means of launching some of the world’s brightest new startups.