Gibraltar’s government is treating token sales as securities offerings by default unless the issuer can prove otherwise.
In an exclusive interview with Cointelegraph, Gibraltar’s minister for digital and financial services, Albert Isola, has welcomed firms wishing to launch security tokens to the jurisdiction.
The minister revealed that the British Overseas Territory assumes that all token offerings are securities issuances by default, placing the responsibility on the issuer to be able to demonstrate otherwise.
Minister Isola also revealed that the government will soon mandate that the employees of all financial firms in the jurisdiction attend a university course on anti-money laundering, or AML, risks.
Gibraltar welcomes security tokens
Minister Isola stated that Gibraltar welcomes firms seeking to conduct issue security tokens, provided that they adhere to the territory’s strict compliance regimes.
“There is no issue with somebody who wants to come and issue a security token here, the legislation is there to apply” he said.
In its most recent guidance, Gibraltar announced it would assume that all tokensales comprise the issuance of securities, placing the onus on issuers to demonstrate that their tokens are not securities:
“Our last position was that we would assume that every token was a security token unless you could demonstrate that it was a utility token.