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Gibraltar

Since January 1st 2018, any firm carrying out by way of business, in or from Gibraltar, the use of distributed ledger technology (DLT) for storing or transmitting value belonging to others (DLT activities) needs to be authorised by the Gibraltar Financial Services Commission (GFSC) as a DLT Provider. 

Scope of the travel rule

All "virtual asset transfer", which means any material transaction, on behalf of a payer, with a view to making a virtual asset available to a payee, irrespective of whether the payer and the payee are the same person between "relevant financial businesses".

Supervisory body

Gibraltar Financial Services Commission 

Threshold

EUR 1 000

Information to be exchanged

  • Originator's name, 

  • Originator's virtual asset account number, 

  • Originator's physical address, national identity number or customer identification, or date and place of birth, 

  • Beneficiary's name

  • Beneficiary's virtual asset account number.

Other obligations

When dealing with unhosted wallets, enhanced due diligence must be performed. Beneficiary VASPs shall require from its customer the following information: originator name as well as originator's physical address, national identity number or customer identification, or date and place of birth. It should be noted that the travel rule does not apply when VASPs send a virtual asset transfer to a person other than a VASP. 

When do you need to comply?

March 22nd, 2021

However, the GFSC granted an 18-months grace period.

What else do you need to know?

All activities falling within the FATF definition of VASPs are now regulated activities under Gibraltar law and within the regulatory and supervisory ambit of the GFSC. 

Applicable regulation

Financial Services (DLT) Regulations 2020

Proceed of Crime Act (transfer of virtual assets)

Written by:
Delphine Forma
Delphine Forma
Senior Compliance Officer
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