Gibraltar is one of the most stable jurisdictions for crypto business in continental Europe (let's not forget that as a result of Brexit, Gibraltar left the EU together with the United Kingdom). Transparent regulation, a favourable tax environment and openness to innovation make Gibraltar attractive for companies seeking to develop steadily in the implementation of blockchain projects, the circulation of cryptocurrency assets, and web3 solutions. Keep up with the modern world!
Why Get a Gibraltar Crypto License
Benefits of Licensing in Gibraltar
Your company can become a part of the global community and start working in the international market with a crypto licence in Gibraltar. The state is trying to provide a flexible, clear and transparent approach to regulation. A licence ensures the company's image, increases the trust of customers and investors, and greatly simplifies cooperation with banking and payment institutions. Gibraltar has an attractive tax system, with the advantages of no VAT and a moderate corporate tax.
Gibraltar’s Reputation as a Blockchain-Friendly Jurisdiction
Gibraltar is one of the first jurisdictions to introduce a separate legal framework for companies working with distributed ledger technology. In addition, the state is trying to actively promote and interact with modern businesses, support the innovation industry, etc. As a result, Gibraltar has built a reputation as a stable, predictable and innovative jurisdiction that helps technology businesses without losing regulatory transparency and financial security for the parties involved.
Gibraltar Crypto License Regulation Overview
The DLT Framework and Role of GFSC
The Distributed Ledger Technology Regulatory Framework (DLT Framework) adopted in 2018 legally controls cryptocurrency activities in Gibraltar. The Gibraltar Financial Services Commission (GFSC) is a government agency that oversees and controls the business, in particular, in terms of transparency, security of participants, corporate compliance and customer protection. Thus, in order to obtain a cryptocurrency licence in Gibraltar, you should apply to the GFSC, not forgetting to submit the necessary documents and strictly comply with the legal requirements.
Legal Obligations for Crypto and Blockchain Companies
Therefore, the newest crypto and blockchain companies must comply with certain obligations to meet the requirements of the regulator. First and foremost, they have to have clear and transparent risk management, data protection, anti-money laundering and anti-terrorist financing structures. It is also necessary to disclose the business and ownership structure, hire qualified managers, have a physical presence, develop internal policies in accordance with applicable standards, and ensure reporting and auditing. It's not an easy procedure, but Icon.Partners can make it easier to achieve your business goal!
Types of Cryptocurrency Licenses in Gibraltar
DLT Provider License (Cryptocurrency License Gibraltar)
Gibraltar has one type of crypto license and it is the DLT provider license. The peculiarity of this licence is that it is granted to companies that use distributed ledger technology in their activities. That is, the licence is not limited to crypto activities only, but covers a wider range of activities involving blockchain and value transfer. Gibraltar's crypto regulation focuses not on asset classification, but on the assessment of internal control systems and risk assessment. In other words, a company must prove that it has the capacity to meet and adhere to key principles, including financial stability, responsible management, data security and transparent customer interaction.
Activities Covered: Exchanges, Wallets, Custodians, and More
Therefore, you should obtain a DLT Provider Licence if your business plans to engage in the transfer or storage of digital value (whether you have a technical or operational role). So, in order to run a business as a crypto exchange and provide customers with access to the market, or to provide wallet services and create and store customer keys, or to be a custodian and ensure the security of assets, you should obtain a licence. The licence also covers operators of payment infrastructure, asset tokenisation platforms, and transaction processing services in blockchain networks.
How to Obtain a Gibraltar Crypto License
.png)
Step-by-Step Application Process
Therefore, the path to obtaining a licence depends primarily on whether you have a company in Gibraltar. If not, you have to register your business, provide the relevant documents (business plan, charter, information about the managers, and more). And then you need to take steps to obtain a crypto licence in Gibraltar. In addition to the documents, you need to have a business website, an operating platform, a registered office in the country, employees in the country, a secretary and a director with an impeccable reputation who will actively conduct business activities. You also need to open a bank account with a local bank.
Required Documents and Business Plan Essentials
Let's talk a little more about the documents. The Gibraltar crypto licensing regulation requires that your application to the GFSC contains a number of documents that prove the business's compliance. These documents include, in particular, a business plan that describes in detail the strategy and business model, financial forecasts and risk management plans, as well as full information about the company, including the ownership structure, types of activities, and information about the experience of the management staff. Separate documents should be provided on anti-money laundering and anti-terrorist financing policies and procedures. Remember to include risk management policies and financial statements. Please note that the regulator will thoroughly review all the information provided.
Licensing Timeline and Fees
Once submitted, your company's documents will be reviewed for compliance by the GFSC. The review period starts from 4 months and directly depends on the documents you have provided (their completeness and compliance with the requirements). The regulator may also ask you for additional explanations or even indicate the need to make changes. It is also worth noting that you can contact the GFSC in advance for compliance advice. In addition, you have to pay a fee to the state authorities. The first fee must be paid for obtaining a license, and the second is paid annually. The size of both fees will directly depend on the type of business activity (consulting activities will have a fee of approximately 5000 pounds, but crypto asset exchange will reach 50,000 pounds). Keep in mind that the fees are subject to change.
AML/CFT Rules Under Gibraltar Crypto Regulation
After obtaining a license, the business must strictly comply with the requirements established by law, primarily in terms of anti-money laundering and combating terrorist financing. Therefore, it is worth developing and adopting relevant documents and policies in accordance with the requirements of applicable regulations, including in combination with EU and recommendations. In this light, customer due diligence procedures, transaction monitoring, as well as regular risk assessment and prevention, staff training, etc. are mandatory. Everything to make your crypto business safe and predictable.
Governance, Reporting, and Audit Requirements
Licensed crypto companies must also have effective corporate governance and control systems. The business should involve specialists with a sufficient level of competence, internal requirements and procedures should prevent possible risks and must comply with the legal requirements of the regulator. It is mandatory to submit regular operational and financial reports to the regulatory authorities. In addition, financial statements approved by an independent auditor are required. Internal audit should be focused on the main risks. Also, don't forget to notify the Gibraltar regulator if there are important changes in the business (changes in structure, ownership, key management, etc.).
Ongoing Compliance and Supervision
Launch Your Crypto Business in Gibraltar
Work With Experts to Secure Your Gibraltar Crypto License
Well, as we can see, obtaining a crypto license in Gibraltar requires strict compliance with the requirements and rules. It is much more reliable for a business to go through this process with Icon.Partners, because we have the proper knowledge, experience, and reputation. So, first, we will determine what types of activities your business will carry out and check the requirements, including the authorized capital. Then we will help you set up a company, find an office and appropriate managers, develop all the necessary documents, policies and statements, take steps to reduce the risk of failure, and communicate with partners and regulators. All along the way, your business will be supported by reliable professionals. We will also help you with further support of the company for compliance and regulation. Let's change the crypto world together!
5.0
"Their adept use of technology for communication and project management streamlined the entire process."
Thanks to Icon.Partners' efforts, the client was able to integrate with major platforms, such as Google, Facebook, and Stripe, and optimize their platform. The team was highly supportive and responsive from a workflow standpoint, and internal stakeholders were particularly impressed with the service provider's flexibility, professionalism, and technical prowess.
Oleksandr Platonov
CEO, VorfahrQR UG
Germany📍
Apr 10, 2024
5.0
"They have a modern and technological approach to doing business."
The client is satisfied with Icon.Partners' work, whose documentation is a vital part of their success. The client resolves legal and financial issues with the help of the team. Their excellent communication skills, timely delivery, modern approach, and diverse expertise make them a great partner.
Anton Tkachov
CEO of Gotoinc LTD
Cyprus📍
Jan 18, 2024
Reviews
5.0
"Their adept use of technology for communication and project management streamlined the entire process."
Thanks to Icon.Partners' efforts, the client was able to integrate with major platforms, such as Google, Facebook, and Stripe, and optimize their platform. The team was highly supportive and responsive from a workflow standpoint, and internal stakeholders were particularly impressed with the service provider's flexibility, professionalism, and technical prowess.
Oleksandr Platonov
CEO, VorfahrQR UG
Germany📍
Apr 10, 2024
Reviews