Home Categories Info Network

Gibraltar To Crack Down On Market Manipulation In Dlt Sector

Permalink Report to webmaster

Gibraltar’s minister for digital and financial services, Albert Isola, has announced forthcoming regulations to reduce market manipulation among blockchain firms.

In an interview with The Banker published April 10, Isola also discussed his government’s decision to abandon its development of a legislative apparatus for token sales amid the bursting of the initial coin offering, or ICO, bubble.

Gibraltar responds to market manipulation in DLT sector

Isola states that Gibraltar’s government will introduce regulations to mitigate market manipulations in the blockchain sector “in the next few months.”

The minister describes manipulation as an “increasing risk” among distributed ledger technology (DLT) companies, emphasizing that a tenth “core” regulatory principle will address the issue.

Gibraltar claims to have been the first jurisdiction to regulate and license DLT firms when the Gibraltar Financial Services Commission (GFSC) introduced a modified fintech license for blockchain companies on Jan 1, 2018. 

The regulations spanned nine core principles — including directives addressing risk management, cybersecurity, and financial crime.

Gibraltar to update guidance according to FATF recommendations

The financial services minister states that the government is currently developing a technology solution to address recommendations by the Financial Action Task Force, or FATF, in its 2019 review of the territory’s financial regulations.

The technology stack will primarily seek to address the FATF’s travel rule and will be designed to automatically collect information as Gibraltar-based firms make financial transfers.

Source: https://cointelegraph.com/news/gibraltar-to-crack-down-on-market-manipulation-in-dlt-sector

Continue reading

Nobody has rated this post!
Vote now!
Cumulative results: 0 points • Rating: 0.000