The Gibraltar Financial Services Commission (GFSC) has begun to fight cryptocurrency market manipulation with new rules concerning the distributed ledger technology sector.
The new regulatory principle states that a distributed ledger technology (DLT) provider must maintain the integrity of any market in which it participates.
The legislation states that the DLT provider will be required to take steps to prevent or mitigate any manipulation of prices, liquidity or market information, and to prevent employees from engaging in insider trading.
The new legislation was drafted with the help of a dedicated market integrity task force made up of government and cryptocurrency market leaders.