Gibraltar has proposed a mechanism to protect customers and users of cryptocurrency businesses in the country. The new regulatory measure came into force on January 1. The new law will target blockchain technology, meaning all companies that store and transmit value must now be licensed by the Financial Services Commission. The new number regulation measure, titled Digital Ledger Technology, was introduced after the Gibraltar legislature approved a bill to update financial services laws. The approved bill has laid new groundwork for the adoption of new legislation that can help govern the cryptocurrency sector. The new law also sees the financial services and online gaming industries as the backbone of Gibraltar's economy. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayNicky Gomez, head of the GFSC's Risk and Innovation Department, said in an interview that he was excited to finally receive products from DLT suppliers. . He mentioned that they were excited to wait for candidates to work on new and creative ideas. He also noted that the GFSC was the first company to produce a DLT framework in tandem with the country's financial services. He also said they were looking forward to the challenge and it was an exciting time. Gibraltar is commonly known as a financial services system. The British Overseas Territory has its own legal system, independent of that in force in the United Kingdom. Thus, the country has managed to create government policies that put its economy first, without surprising results. The country has managed to attract most of the gambling, sports betting and gaming businesses. The country has relaxed taxes and has significant incentives and relaxed regulations conducive to many businesses. Unlike some EU countries, most companies prefer to have bases in the British Overseas Territory. The new regulations come as the local parliament voted to modernize the country's financial services laws with a new bill. Parliament voted in favor in December, but the new law has paved the way for businesses in the country. This also allows them to address the various complex challenges that arise from cryptocurrencies. Thus, Gibraltar has once again presented itself as a champion of progress in the financial sector, particularly in that of cryptocurrencies. With this new innovation, the country may be able to become a pillar of the economy. And with that, they can forget the days when the country relied mainly on British shipyards for half its economy. The country has put forward principles that any person or company wishing to do business in the country must follow. For example, laws require each DLT provider to have clear, concise, and fair conversations with its customers regarding its business. Businesses are also required to take steps to better protect their customers' assets and money..