Cryptocurrency Exchanges Receive License To Operate In Gibraltar Due To Friendly Regulations
Cryptocurrency exchanges and crypto companies are receiving licenses to operate in Gibraltar. The British overseas territory has decided to implement crypto-friendly regulations that are transforming it into an attractive destination for crypto-related companies and firms.
Starting on January 2018, the Digital Ledger Technology (DLT) Regulatory Framework, started to operate after being approved by the government through the Legislature of Gibraltar. The intention is to create a crypto- and blockchain-friendly jurisdiction for companies to settle their operations there.
The Minister for Commerce of Gibraltar, Albert Isola commented that the financial regulator, the Gibraltar Financial Services Commission (GFSC), started to give licenses to several blockchain firms that were already operating in the British Overseas Territory.
Some of the companies that have already acquired DLT licenses are Huoni, Coinfloor, Coinvesting and the Gibraltar Blockchain Exchange, among others. Huobi is one of the largest crypto exchanges in the world in terms of daily trading volume. Additionally, Coinfloor is also one of the oldest crypto platforms in the United Kingdom.
The Gibraltar Blockchain Exchange (GBX), is also a regulated entity in Gibraltar. They are operated by the local stock exchange, they have a very professional team and are know the regulatory landscape and framework in the territory.
With this regulatory framework, companies will be able to find flexibility and it will allow Gibraltar to better adapt itself and remain ready for the upcoming revolution in the market. This is something similar to what Malta is currently doing. The European island was able to create a very clear and crypto-friendly framework for companies to settle their operations there. Until now, they had very positive feedback since Binance or Bitbay were able to settle their operations in the country.
Furthermore, the trade minister of Gibraltar announced that they have established a trade association for the industry that is called the Gibraltar Association for New Technologies (GANT). This agency will be helping companies and authorities to have a streamlined contact. Additionally, a working group was created, the New Technologies in Education (NTiE).
Other countries that are establishing themselves as crypto hubs are Estonia or Switzerland. Both of them have created clear regulations for Initial Coin Offerings (ICOs), crypto companies and other firms related to blockchain technology.
According to Albert Isola, Gibraltar remains the best place for quality fintech companies because it has always been a business-friendly destination.
“We want to create a vibrant DLT community in Gibraltar by developing strong, collaborative relationships with the private sector operators who have based themselves here,” he commented.
In the future, Gibraltar could create a competitive regulatory framework to attract new companies and firms to settle their operations there.