On the 31st March Oxygen has applied to be authorised under the the Gibraltar DLT regulation which came into effect on the 1st January 2018.
With the help of PWC and the Gibraltar law firm Isolas, Oxygen has submitted the complete application form which provides the details about the business, risks and controls implemented by the business. Amongst other documents the team has submitted the business plan, information about financial and non-financial resources, risk register and compliance manual.
Once all the details in the documents are reviewed by the Regulator, in case of a success Oxygen might be then invited to deliver a presentation to the Gibraltar Financial Services Commission (GFSC). The presentation is an integral part of the authorisations process and gives successful applicants an opportunity to demonstrate how they meet the GFSC’s regulatory outcomes/principles.
The GFSC DLT Regulatory Framework came into effect on January 1st 2018. The licence applies to companies that are carrying on business in or from Gibraltar and that use DLT for storing or transmitting value belonging to others.