Several known crypto companies have been granted licenses to operate from Gibraltar since the British overseas territory adopted business-friendly regulations for the nascent industry. According to Gibraltar’s trade minister, Albert Isola, the government is now focused on creating a “supportive environment” for the sector.
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Supportive Environment for the Crypto Industry
The Digital Ledger Technology (DLT) Regulatory Framework went into effect in January 2018, a month after it was approved by the Legislature of Gibraltar. The regulations are designed to attract companies from the cryptocurrency and blockchain industry while ensuring proper protection for customers’ interests and maintaining Gibraltar’s own reputation, according to the authors of the dedicated legislation.
“Our financial regulator, the Gibraltar Financial Services Commission (GFSC), began awarding DLT licenses to a number of leading blockchain firms operating here in October,” the Minister for Commerce of Gibraltar Albert Isola told news.Bitcon.com. The list of licensed companies includes Huobi, the fourth largest exchange by daily trading volume, Coinfloor, the oldest crypto trading platform in the U.K., Covesting, which is another crypto exchange based in Europe, the Gibraltar Blockchain Exchange (GBX), operated by the local stock exchange, and the most recently licensed entity, digital asset platform Etorox.
Isola, who is also a member of the British parliament, emphasized that the regulatory framework implemented in Gibraltar is designed to remain flexible to the fast-moving developments of the wider crypto ecosystem and will allow authorities to react swiftly to the growth of the sector in the coming years. The official added that while introducing sensible legislation has been the main priority, the government has been also working to create a supportive and business-friendly environment for blockchain companies that want to operate there or have already established a presence in the territory.
The trade minister shared that Gibraltar has recently established a trade association for the industry, the Gibraltar Association for New Technologies (GANT). The organization facilitates the development of formal relationships between the authorities and the crypto companies. The government has also created a working group called New Technologies in Education (NTiE). The project, a joint initiative between the executive power, the private sector, and the University of Gibraltar, aims to address the growing demand for related skills. The plan is to organize educational courses that will prepare employees and specialists for the industry.
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