Licensing

Crypto Exchange License
As of January 2018, a new regulatory framework for Distributed Ledger Technology (DLT) is becoming operational. Companies, that operate in or from Gibraltar within the field of virtual currency exchange are required to apply for DLT License under HM Government of Gibraltar.
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Timeframe: around 3 months

Minimum paid up capital: is set on case-by-case basis


Overview

HM Government of Gibraltar in January 2018 introduces an appropriate legislation to provide an efficient and safe regulatory framework for companies that participate in business activities not otherwise subject to regulation and that use DLT for the transmission or storage of value belonging to others, such as virtual currency exchanges.

The main intention of this framework is to promote Gibraltar's economic development and at the same time to provide protection for consumers and maintaining the jurisdiction's reputation and integrity.

Having abovementioned in mind, it has to be considered in advance if it is acceptable and is possible to comply with the following:

  • Issue of license is determined on a case by case basis;
  • Company is to submit a detailed White paper;
  • Company must have an operational platform;
  • Managing process needs to be located in Gibraltar and Nominee director is to participate in company’s business activity;
  • Company will need to set up a bank account in one of the local banks, that may consider the project as insufficient at it’s discretion;
  • A face to face meeting/presentation with the bank and GFSC will be required;
  • Applicant has to have strong professional background, experience and sufficient knowledge;
  • A minimum of 2 employees in Gibraltar. It should be noted that they must have sufficient experience and expertise to run the business from in Gibraltar.


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Facts & Info for Gibraltar Distributed Ledger Technology Provider’s license

Notable features
Procedure
Documents Required

General information

Company structure

  • At least 1 shareholder (the maximum 50 shareholders) (no nationality or residency restrictions)
  • At least 2 directors (at least 1 director with full voting rights has to be local)
  • A minimum of 1 additional Key-role employee in Gibraltar. This individual can live in Spain providing that it is between Marbella and Tarifa

Confidentiality

  • Beneficial owners' details – Not part of public record (a new regulation requiring to disclose BO's is expected)
  • Shareholders' details – Part of public record
  • Directors' details – Part of public record

Taxation

  • 0% tax rate on profits gained outside the Gibraltar
  • 10 % tax rate on profits obtained in Gibraltar
  • 0% of Value Added Tax
  • 0% tax rate on import and export of all forms of art
  • Other taxes: 0% (tax on capital gains or paid dividends, wealth tax, estate duty)

Accounting requirements - Must be submitted to the Company Registrar on annual basis

Audit - If the entity is licensed - an annual audit is required

Secretary - Required

Registered office - Required

Registered Agent - Required

In order to obtain a license, the following steps will be carried out:

  • Preparation of application forms;
  • Reviewing and amending the white papers and other policy documents forming part of the application;
  • Incorporation of the company;
  • Bank account application;
  • License application with the Regulator.

In order to proceed further with the project, please provide the following:

For the Company

  • Detailed White paper
  • Operational platform
  • Website
  • Company will need to present its Financial projections

For the Applicant

  • Notarized Passport
  • Notarized Utility Bill
  • Certified Bank Statement
  • Two professional reference Letters
  • Proof of source of funds
  • Notarized non-criminal records
  • Signed and Dated CV
  • Notarized copies of Diplomas

N.B.

  • If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
  • Please ensure that notarization is in English language if not then please provide with notarized English translation.

Additional documents may be requested by the regulatory authority or local Bank at any point to certify specific information.