What are the licensing requirements for cryptocurrency businesses under the Financial Services Commission of Gibraltar?

3 answers

• Mahmoud SabryAug 07, 2024 · a year ago
  To obtain a license for a cryptocurrency business under the Financial Services Commission of Gibraltar, there are several requirements that need to be met. Firstly, the business must have a physical presence in Gibraltar and be registered as a company. Additionally, the business must have robust anti-money laundering and know-your-customer procedures in place. It is also necessary to demonstrate that the business has sufficient financial resources and a competent management team. Finally, the business must comply with all relevant laws and regulations, including those related to consumer protection and data privacy.
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• Shyamsundar SodariJul 05, 2021 · 4 years ago
  The licensing requirements for cryptocurrency businesses under the Financial Services Commission of Gibraltar are quite stringent. In order to obtain a license, businesses must undergo a thorough due diligence process, which includes background checks on key individuals and an assessment of the business's financial stability. The business must also have adequate systems and controls in place to prevent money laundering and terrorist financing. Additionally, the business must demonstrate that it has the necessary expertise and experience to operate a cryptocurrency business. Overall, the licensing requirements aim to ensure that only reputable and trustworthy businesses are allowed to operate in Gibraltar.
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• time_invarientJan 28, 2024 · 2 years ago
  Under the Financial Services Commission of Gibraltar, cryptocurrency businesses are required to obtain a Distributed Ledger Technology (DLT) license. This license is specific to businesses that use blockchain or other distributed ledger technologies. The licensing process involves submitting an application to the Commission, which includes detailed information about the business and its operations. The Commission will then assess the application and determine whether the business meets the necessary criteria for a license. It is important for businesses to carefully review the licensing requirements and provide all required documentation to increase their chances of obtaining a license.
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