Main principles crypto license regulation in Gibraltar
How to get crypto license in Gibraltar
Only those who have received a certificate of completion of the initial assessment may apply for a Gibraltar DLT licence. The special unit responsible for the blockchain Risk and Innovation team helps with the initial evaluation. This organization assesses whether the company falls under the new Gibraltar crypto license regulation. The admission fee depends on the complexity of the application. By the way, the initial assessment is also worth 2,000 pounds. This money is not returned regardless of the results. From the documents the applicant for the DLT-license will need: copies of passports, confirmation of address, detailed business plan, information about all important members of the company. It should be noted that the new regulation does not apply to ICOs, but only to those market participants who use blockchain technology to store the valuables of customers. While individual entities already have a financial licence, they do not need to obtain a license from the DLT service provider in Gibraltar.
Advantages of the Gibraltar crypto license regulation:
- clear tax system, low tax rates;
- transparent regulation. The legislation establishes 9 principles that must comply with the crypto project. The regulator, after considering your application, will provide you with various recommendations.
- individual approach of the regulator to each project. The authorized capital, the fee, the necessary economic presence in Gibraltar depended on the project’s characteristics.
- Gibraltar is considered a prestigious jurisdiction that attracts large players in the crypto industry.
The main stages of crypto licensing process in Gibraltar
1) Pre-application engagement: the regulator assesses the risks and potential of the project. It is necessary to determine the project budget and capital requirements of the company. Then the project will be defined in one of three categories of complexity. There are capital requirements for different categories, application fees and annual state fees.
2) Full application: registration of the authorized capital, fulfillment of requirements for economic presence, filling of various forms and establishment of AML procedures.
3) Application considerations and taking decision: The project is checked for compliance with the 9 established principles of the regulator, whether the company will actually operate from Gibraltar.