Coinfloor awarded DLT licence by GFSC

Gibraltar – 17th October 2018 – Coinfloor was last week awarded a full distributed ledger technology (DLT) licence by the Gibraltar Financial Services Commission (GFSC). This follows completion of a rigorous application process and authorises Coinfloor to store or transmit value belonging to others using blockchain technology.

Gibraltar’s Minister for Commerce, The Hon Albert Isola MP, says: “We have championed internationally compliant, robust, and sensible legislation to regulate this revolutionary technology in Gibraltar while simultaneously striving to maintain the conditions that encourage further private sector innovation. This announcement is another positive development which shows that Gibraltar is open for business and ready to work with quality companies to provide a regulated road to market.”

Coinfloor is now fully compliant with Gibraltar’s DLT legislation, which is a purpose-built legislative framework for businesses that use blockchain or DLT, introduced in January of this year.

The principles-led approach allows businesses to engage with regulators in a robust and speedy manner while also providing the flexibility required for guidelines to evolve in tandem with the fast moving nature of blockchain technology.