In a world first, Gibraltarthe Gibraltar Financial Services Commission Financial Services Commission (GFSC) will formally recognise blockchain as a payment transmission method with the launch of a bespoke licence for fintech firms using the technology. The new rules come into force on 1 January and Nicky Gomez, GFSC head of risk and innovation, said he expects companies "well in the double digits" to apply for authorisation. It is hoped the licence will help the Gibraltar Financial Services Commission cement its position as a financial hub for firms following the UK's withdrawal from the European Union in 2019.
In a world first, the Gibraltar Financial Services Commission (GFSC) will formally recognise blockchain as a payment transmission method with the launch of a bespoke licence for fintech firms using the technology. The new rules come into force on 1 January and Nicky Gomez, GFSC head of risk and innovation, said he expects companies "well in the double digits" to apply for authorisation. It is hoped the licence will help Gibraltar cement its position as a financial hub for firms following the UK's withdrawal from the European Union in 2019.