Gibraltar to Elaborate ICO Regulations
February 13, 2018
Gibraltar authorities together with Gibraltar Financial Services Commission (GFSC) will draft a law for ICO regulation. The decision was taken by the Gibraltar government in the face of rapid ICO market expansion as over 3.8 bln dollars have been invested to the industry around the globe during 2016 and 2017.
As the document developing representatives say, they intend to create the world’s first code of rules for ICO. It will cover the matters of promotion, circulation and purchase and sale of digital currencies on Gibraltar soil. The bill includes an article on information disclosure which is to oblige ICO projects provide sound and relevant information for token buyers. It will also contain a number of terms with “Authorized sponsor” being among the most crucial ones.
“Authorized sponsors are responsible for assuring compliance with disclosure and financial crime rules”, noted Sian Jones, a senior advisor at GFSC.