Gibraltar's regulations of ICOs
Gibraltar Financial Services Commission (GFSC), together with Gibraltar’s government have declared that they had been developing a draft law in order to regulate Initial Coin Offerings (ICOs) in the British overseas territory. It will be the first ever set of regulations developed specifically for ICOs. The concept of “authorized sponsors,” who are supposed to be “responsible for assuring compliance with disclosure and financial crime rules,” is one of the principles introduced by Sian Jones, one of GFSC’s senior advisor.
ICO projects will be disclosed and expected to provide “adequate, accurate and balanced information to anyone buying tokens”, the government and Financial Services Commission said to Reuters. The rapid expansion of the ICO market is what has provoked Gibraltarian regulators to take action: over $3,7 billion was secured in ICO fundraisers worldwide in 2017, while last year the amount made up only $100 million.