Listed blockchain boutique Coinsilium Group is launching Terrastream in Gibraltar, to build out a blockchain-powered platform that operates in the off-shore haven's proposed distributed ledger technology regulatory framework.
The Terrastream platform will offer tokenised applications in several industry sectors, including, but not limited to, the precious metals and natural resources extractive industries, said a statement.
Coinsilium has held meetings with senior representatives from Gibraltar Financial Services Commission (GFSC), and expects to find the support of a conducive regulatory framework within the jurisdiction. Apparently, Gibraltar is expected to become the first jurisdiction globally to develop a regulatory framework for blockchains.
In May 2017, Gibraltar Finance released a consultation document as part of its process towards establishing this regulatory framework. The operative date is expected to be no later than 1 January 2018. Coinsilium has appointed specialist Law Firm ISOLAS to advise on the structuring of Terrastream and its funding efforts.
Malcolm Palle, executive chairman of Coinsilium, said: "Gibraltar has an impressive track record of successfully identifying opportunities in early trends and has built a solid reputation in the gaming and fintech industries.
"Coinsilium's subsidiary Terrastream will be one of the first blockchain-focused companies to support Gibraltar's regulatory initiative and we expect the DLT Regulatory Framework to provide investors and industry participants alike with the confidence and certainty to embrace and support the development of many exciting blockchain ventures in the future. We look forward to updating investors on further developments with Terrastream at this exciting time for Coinsilium."