Gibraltar introduces laws to reduce market manipulation in DLT sector

By Akshay Kedari  | Date: 2020-04-13

Gibraltar introduces laws to reduce market manipulation in DLT sector

Gibraltar, one of the few crypto-friendly territories, has reportedly introduced new regulations to curb cryptocurrency market manipulation which is allegedly being carried out by blockchain and crypto companies.

Albert Isola, Minister for digital and financial services, Gibraltar, has announced that authorities will pass regulations to eliminate market manipulation activities in crypto and the blockchain landscape within the next few months.

In a recent interview, Isola also spoke on the government’s decision to suspend the development of a legislative apparatus for crypto token sales, which were created as a response to the ICO (initial coin offering) bubble of 2017.

As per government authorities, manipulation is a severe and increasing risk among distributed ledger technology and blockchain technology firms. This regulatory framework will address this challenge in Gibraltar, Isola claimed.

Gibraltar’s government authorities have previously claimed that the region was the first to issue and regulate licenses to blockchain-focused organizations. This was when GFSC (Gibraltar Financial Services Commission) started offering a reformed Fintech license to DLT-related organizations back in Jan. 2018.

 As per the sources, the regulations had covered nine core areas consisting of guidelines and instructions for financial crime, risk management, and cyber security.

According to Isola, Gibraltar is currently working on a technology platform that aims to address suggestions made by FATF (the Financial Action Task Force) following its assessment and a recent review of the region’s financial regulations.

The technology platform will try to follow FATF’s travel rule and will automatically garner compliance information as Gibraltar-based firms conduct financial transactions.

Isola states that 15 blockchain companies are presently regulated and approved in Gibraltar, adding that they must adhere to the same regulatory and oversight regions as financial service firms and banks.

By adopting blockchain technology, Gibraltar is on way to becoming the FinTech capital of the world. The region has ground-breaking DLT regulations and also formed the world’s first Gibraltar Blockchain Exchange to facilitate cryptocurrency trading and ICOs.

Source Link - https://www.crowdfundinsider.com/2020/04/160039-gibraltar-to-introduce-regulations-for-reducing-alleged-market-manipulation-by-blockchain-or-dlt-firms/

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Fitbit faces privacy complaints in EU over alleged unlawful data exports

Fitbit faces privacy complaints in EU over alleged unlawful data exports

By Akshay Kedari

Fitbit, a Google company, is reportedly facing a series of privacy complaints within the European Union. These complaints revolve around allegations that the company is engaging in unlawful exporting of user data, thereby violating the EU's strin...

Social network X makes API changes impacting developers & enterprise clients

Social network X makes API changes impacting developers & enterprise clients

By Akshay Kedari

Social network X, previously known as Twitter, has reportedly unveiled more modifications that involve the retirement of certain legacy API endpoints. The company implemented adjustments to its API pricing in March, resulting in elevated costs for...

Zapata AI and IonQ joins hands to push boundaries of Generative AI

Zapata AI and IonQ joins hands to push boundaries of Generative AI

By Akshay Kedari

Zapata AI, a software enterprise dedicated to addressing intricate computational challenges, has reportedly unveiled a strategic partnership with IonQ, a leading figure in quantum computing hardware and commercial quantum application advancement. The...

Meta unveils AudioCraft for audio & music creation using Generative AI

Meta unveils AudioCraft for audio & music creation using Generative AI

By Akshay Kedari

The tech giant Meta has reportedly introduced AudioCraft, a framework capable of generating high-quality audio and music based on short text prompts. The AudioCraft framework aims to simplify the use of generative models for audio by providing a c...

GSK Pharma reports 11% surge in Q1 profit fueled by Vaccine Demand

GSK Pharma reports 11% surge in Q1 profit fueled by Vaccine Demand

By Akshay Kedari

GlaxoSmithKline Pharmaceuticals, the Indian arm of GSK plc based in the UK, reportedly recorded an 11% increase in its first-quarter profit, driven by robust demand for its vaccines. According to the company's statement, the consolidated profi...