United Kingdom/GI/Comparables
Gibraltar
Gibraltar Financial Services Commission
The 2018 pioneer. Gibraltar licensed the use of DLT to store or transmit value belonging to others — an intermediary perimeter, not an offering exemption. ICOs were left outside the DLT framework on purpose. Virtual Asset Arrangements became a regulated activity on 27 October 2025. The 2026 PCC bill is about tokenised fund shares, which would fail Rule 100 filter (2).
DLT live
1 Jan 2018
VAA
27 Oct 2025
PCC bill
29 Apr 2026
Similar regulation
The statute book
Primary instruments, with the RCA job each one actually does. Links open the official text.
- In force
CASP analogue — storing or transmitting value belonging to others
- In force
What is in, what is out — including why a token sale is usually not a DLT activity
Translation
Rule 100–500 map
| RCA | Peer | Fit | Desk |
|---|---|---|---|
| Rule 100 CIC | No Howey wrapping; DLT activity vs existing FS legislation | No analogue | Gibraltar classifies the activity and, separately, whether the token is a CIS/AIF. |
| Rule 103 disclosure | No live ICO disclosure statute | No analogue | GFSC has said token-sale rules are still to be written. Do not invent them. |
| Rule 200 $5M | None | No analogue | No startup offering cap. |
| Rule 300 fundraising | Token sale generally outside DLT; may be a CIS/AIF | Inverse | The DLT licence is not permission to offer tokens to the public. |
| Rule 400 safe harbor | None | No analogue | No deemed-cessation. |
| Rule 500 preemption | Gibraltar-only; no UK or Union passport | No analogue | A GFSC DLT licence does not travel. |
Analysis
What the file is
Since 1 January 2018, using DLT by way of business in or from Gibraltar to store or transmit value belonging to others has been a regulated activity. That is a custody-and-transmission licence. The GFSC’s own FAQ is blunt: ICOs and token sales are generally not caught. The Government and the Commission have been ‘working on’ a token framework for years. Until it exists, a Gibraltar token sale is ordinary financial-services characterisation — collective investment scheme, AIF, or nothing.
Research
The record
- Virtual Asset Arrangements were brought into Part 16 of Schedule 2 to the FSA on 27 October 2025. Legacy POCA registrations had to convert. That is AML-plus-conduct for VAAs, still not an offering exemption.
- The March 2026 scope guidance is the document to attach, not a 2018 launch blog.
Ideation
What to file
- If you hold a GFSC DLT licence and would also file a NOR, say so — dual-path take-up. Then admit the DLT licence does not authorise the US offering.
- Do not tell the Commission Gibraltar ‘figured out ICOs in 2018.’ The GFSC’s own page says they did not.
Analysis
What the file is
Since 1 January 2018, using DLT by way of business in or from Gibraltar to store or transmit value belonging to others has been a regulated activity. That is a custody-and-transmission licence. The GFSC’s own FAQ is blunt: ICOs and token sales are generally not caught. The Government and the Commission have been ‘working on’ a token framework for years. Until it exists, a Gibraltar token sale is ordinary financial-services characterisation — collective investment scheme, AIF, or nothing.
Primary sources on file
GFSC — Distributed Ledger Technology Providers
Gibraltar Financial Services Commission/1 Jan 2018/RCA review 10 Sept 2026
Primary regulatory
GFSC Guidance Note — Scope of the DLT Framework (Version 3)
Gibraltar Financial Services Commission/26 Mar 2026/RCA review 10 Sept 2026
Primary regulatory
RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.