Gibraltar's 2018 DLT Framework: A First-Mover Crypto-Custody Regime and Its Licensed-Firm Track Record

Gibraltar, a British Overseas Territory whose economy has long depended on financial services, gaming and tourism, sought to diversify by positioning itself as an early, deliberately curated jurisdiction for firms using distributed ledger technology (DLT). In January 2018, the Gibraltar Financial Services Commission (GFSC) launched the Distributed Ledger Technology Regulatory Framework, among the first bespoke regulatory regimes worldwide for firms using DLT to store or transmit value belonging to others.

Rather than prescriptive rules, the framework is built around ten outcome-based core principles covering matters such as honesty, financial soundness and safeguarding of client assets, with licensing decisions and ongoing supervision handled by the GFSC.

As of licensing data reported in 2026, around 13 firms hold DLT provider licences, including eToro, Xapo, Bullish and LMAX Digital, with the register published by the GFSC for public verification. The 2025 Amendment Regulations further clarified the scope of regulated activities and aligned provisions with evolving international AML/CFT standards.