Gibraltar has put forward a mechanism aimed at protecting customers and users of cryptocurrency businesses in the country. The new regulatory measure came into force on January 1st. The new law will target blockchain technology, meaning all companies that store and transmit value now must be licensed by the Financial Services Commission. The new numbers regulation measure, called Digital Ledger Technology, was introduced after Gibraltar's legislature passed a bill that would update financial services laws. The passed bill laid a new foundation that allowed for new legislation that can help govern the cryptocurrency industry. The new law also makes the financial services and online gambling industry the backbone of Gibraltar's economy. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Nicky Gomez, head of Risk and Innovation at the GFSC, said in an interview that she was excited to finally receive products from DLT suppliers. He said they were ecstatic as they waited for the candidates, to work on new and creative ideas. He further noted that the GFSC was the first company to produce a DLT framework in tandem with the country's financial services. He also said that they are looking forward to the challenge and that they are experiencing exciting times. Gibraltar is popularly known as a financial services system. The British Overseas Territory has its own legal system independent of that in force in the United Kingdom. As such, the country has managed to create government policies that put its economy at the forefront without surprising results. The country has managed to attract the most gambling, sports betting and gaming businesses. The country has some relaxed taxes and has significant incentives and relaxed regulations favorable to many businesses. This is different from some EU countries, so most companies prefer to have bases in the British Overseas Territory. The new regulation comes as the local parliament voted to modernize financial services laws in the country with a new bill. Parliament voted in December, but the new law paved the way for businesses in the country. It also allows them to address the various complex challenges that arise as a result of cryptocurrencies. Therefore, Gibraltar has once again put itself forward as a champion of progress in the financial sector, particularly in the cryptocurrency sector. With new innovation, the country may be able to build a pillar for the economy. And with that, they can forget the times when the country depended primarily on British shipyards for half its economy. The country has proposed principles that any individual or company intending to do business in the country must follow. For example, laws require that every DLT provider must have clear, concise and fair conversations with their customers about the business. Businesses are also required to take measures to better protect customers' assets and money.