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Gibraltar: ISOLAS partners contribute to Global Legal Insights’ 2021 blockchain and cryptocurrency regulation
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Partners Joey Garcia and Jonathan Garcia, who form ISOLAS’s Distributed Ledger Technology (DLT) expert team, once again contributed to the Gibraltar chapter of the Global Legal Insights Blockchain & Cryptocurrency regulation.
The GLI guide aims to analyze and interpret the state of regulation in the blockchain and cryptocurrency sector, covering the attitude and definition of the government; cryptocurrency regulation; sales regulation; taxation; money transmission laws and anti-money laundering requirements; promotion and experimentation; ownership and licensing requirements; and mining in 20 jurisdictions.
The Gibraltar chapter examines the unique and progressive attitude of the jurisdiction’s approach to the growing blockchain and cryptocurrency industry, highlighting its expanding market and offering valuable information for individuals and businesses looking to invest and trade in cryptocurrency in Gibraltar .
The partners discussed the amendment made by the Financial Action Task Force (“FATF”) to their 2012 “Recommendations on International Standards for Combating Money Laundering and the Financing of Terrorism and Proliferation”. technologies (Recommendation 15) now includes virtual assets and virtual asset service providers (“VASPs”), which require the latter to be regulated for AML / CFT purposes, as well as licensed or registered and subject to effective systems to monitor and ensure compliance with the relevant measures required in the FATF Recommendations.
In an interpretative note to Recommendation 15, the FATF offered further clarification on the FATF standards that apply to these virtual and VASP activities (“INR 15”), as well as the “VASP Guide”, leading jurisdictions to implement measures to comply with all and two; measures Gibraltar took in January 2018, over a year before their publication in June 2019. However, as Joey and Jonathan note, Gibraltar’s current DLT Framework already exceeds FATF standards with regard to licensing and registration of VASPs.
The Gibraltar Chapter, published in GLI – Blockchain & Cryptocurrency Regulation 2021, is available for reading online at: https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/gibraltar
If you would like more information, please contact Joey Garcia at [email protected] or Jonathan Garcia at [email protected]
The content of this article is intended to provide general guidance on the subject. Specialist advice on specific circumstances should be sought.
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