Gibraltar crypto license
Gibraltar crypto license regulation is not yet widespread. However, many countries have recognized that the crypto industry is a promising area and are trying to bring the activities of thematic enterprises into the legal field. Gibraltar offers to crypto exchanges and other businesses that use distributed registry technology to store and transfer the values of others to obtain a permit.
The basic features of Gibraltar crypto license regulation
It is worth noting at the outset that Gibraltar is not involved in the regulation of Gibraltar crypto license, but only in the regulation of the finance business using the Digital Distributed Registry (DLT). If you decide to register your company in Gibraltar, which will work in the field of DLT, then you will need to obtain a permit of this category. There is a flexible discretionary approach to the DLT application. The Regulator (FSC) is responsible for issuing licenses and subsequently oversees compliance with DLT rules by licensee companies. The main objective of the licensing is to create a secure environment for the DLT-related business, protect consumers and preserve Gibraltar’s reputation as a reliable and stable global business centre. This nine-principle approach was designed to provide the robust structure with the optimal level of flexibility that such a fast-growing industry requires.
The main advantages of of Gibraltar crypto license
Having a license is a good way for crypto companies to show their counterparties and customers that they are reliable players who do business according to international standards, given the current volatility and instability of the crypto industry. In addition, the presence of an authorization document opens access to banking services, protects against unauthorized blocking of accounts.
The prestige of Gibraltar’s jurisdiction also played an important role. Many major players in the field of DLT-technologies have a local license (Crypto-Exchange CEX.IO Coinfloor Covesting, Quedex). Gibraltar had a clear tax system, low tax rates and transparent regulation. Each licence applicant is treated individually.
How to get a crypto license in Gibraltar
During the entire period of validity of the license it was managed to get only a small number of companies. Although there were more applicants. Such selectivity proves once again the regulator’s serious approach to prospective licensees. Yes, it is not easy to get a DLT license in Gibraltar. However, these efforts will undoubtedly be justified. For those who still decided to try to obtain this authorization document, you should be aware of such requirements from the regulator: the existence of an economic presence (substance ) in Gibraltar. We need an office in the jurisdiction, a field office, local staff, directors. It would also be necessary to prove that the company was run from Gibraltar.