On 18 Monday, the blockchain venture builder and investor, Coinsilium, based in Gibraltar, has set an event to discuss and present the new forthcoming Regulatory Framework for Blockchain Technologies that Gibraltar’s Government is due to implement in the following months.
The event, a drink reception, will take place in the The Gold Room no. 1 in Cornhill, London, and will be presented by The Hon Albert Isola MP, Gibraltar’s Minister for Financial Services and Gaming and Joey Garcia, Partner at Gibraltar-based law-firm ISOLAS, supported by Malcolm Palle, Executive Chairman/Co-Founder of Coinsilium.
This is happening after Gibraltar’s Government announced last May a whole brand new jurisdiction about Blockchain regulation. Gibraltar, thus, is set to become the first jurisdiction globally to provide a regulatory framework specifically designed for firms engaging in activities that use DLT for the transmission or storage of value belonging to others (DLT Framework), also covering Blockchain Technologies. In May 2017, Gibraltar Finance released a consultation document as part of its process towards establishing this regulatory framework. The operative date is expected to be no later than 1 January 2018.
In the event, Executive Chairman/Co-Founder of Coinsilium, Malcolm Palle, will probably speak about how this new Regulation will modify the businesses Coinsilium have already working on in Gibraltar.
It is a good time to remind that Coinsilium, the blockchain venture builder and investor that finances and manages the development of early-stage blockchain technology companies, announced on 1 June the formation of a wholly-owned subsidiary, Terrastream Limited (“Terrastream”), in Gibraltar.
In company’s words, “Terrastream aims to build an Enterprise standard blockchain- powered platform for the generation of token-based alternative funding solutions designed to operate in compliance with Gibraltar’s proposed forthcoming Distributed Ledger Technology (‘DLT’) Regulatory Framework.”
Based on Smart-Contracts, the objective of building an Enterprise standard blockchain-powered platform offering token-based alternative funding solutions with potential applications in several industry sectors, including, but not limited to, the precious metals and natural resources extractive industries.
Due to new Regulation that Gibraltar is about to introduce, Coinsilium appointed law specialist company, ISOLAS, to advise on the structuring of Terrastream and its planned token sale. ISOLAS is actively involved in Gibraltar’s drive to develop the DLT Framework and has successfully advised on several token sales, including GNOSIS which sold tokens for 250,000 Ether (‘ETH’), equivalent to US$12.5m at the time,
and Coinsilium investee CoinDash.
However, Coinsilium’s Chief, Malcolm Palle, feels confident about the new Regulation and has said that it won’t affect his business in the old British Colony whatsoever.
“Gibraltar has an impressive track record of successfully identifying opportunities in early trends and has built a solid reputation in the gaming and fintech industries. Coinsilium’s subsidiary Terrastream will be one of the first blockchain-focused companies to support Gibraltar’s regulatory initiative and we expect the DLT Regulatory Framework to provide investors and industry participants alike with the confidence and certainty to embrace and support the development of many exciting blockchain ventures in the future. We look forward to updating investors on further developments with Terrastream at this exciting time for Coinsilium.”
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