Gibraltar Targets Crypto Industry to Accelerate Its Economic Growth

gibraltar crypto industry
gibraltar crypto industry

Gibraltar Targets Crypto Industry to Accelerate Its Economic Growth

Amidst the global complexity and chaos surrounding cryptocurrencies and ICO, Gibraltar has emerged as an economy that is targeting crypto industry by attracting the investors’ attention through DLT regulatory framework, GBX, and market-driven ICO approach.

Crypto haven: World’s first crypto, ICO, and blockchain favorable economy

With so much happening in the world of cryptocurrency, from crackdowns, regulations, price rise, partnerships to G20, taxation, state-backed currencies, scams, price fall, blockchain adoption, self-regulatory bodies and so much more, it’s been a whirlwind journey for the crypto industry.

Amidst it all, Gibraltar is a place that has been constant on its crypto stance by acknowledging the potential of this industry and utilizing it to secure its future.

This British Overseas Territory has taken to a wider blockchain and cryptocurrency adoption while being the initial economy to embrace them. Apart from having an ambitious government that is looking to make the place a leading innovative hub, its Financial Services Commission has provided a legislative framework for blockchain firms.

Also, read: California Bill To Recognize Use of Blockchain Data And Smart Contracts

Protecting the value of crypto industry

In January, Gibraltar laid the foundation of a legislation for the cryptocurrency sector by approving a bill and introducing the Digital Ledger Technology (DLT) regulatory framework. This made them the first regulators to establish such framework in collaboration with the government and financial services industry.

However, the primary object of the regulatory authority remains to be the protection of its customers and of course the reputation of Gibraltar during the times of granting the license and performing supervision and enforcement functions.

Moreover, its regulatory body is following a flexible approach to deal with novel business models or activities like blockchain technology that further facilitates its growth.

Triggering ICO growth

Regulators all over the world are concerned about protecting customers and financial stability that creates a legal uncertainty in the Initial Coin Offer (ICO) market space.

For ICO market, the officials of Gibraltar believes one-size-fits-all approach can’t work in this fundraising model. As a result, after introducing a license for DLT companies, last month they started working on creating a set of principles focused on best practices. This allows each authorized supporter to come up with the methodology that suits their token or ICO best.

It has been believed by Gibraltar’s officials that ICO legislation facet will keep on evolving as the cryptocurrency and blockchain industry progresses that certainly helps in powering the growth of ICOs in its economy.

Capturing the crypto market through GBX

Gibraltar’s another attempt to lead the cryptocurrency exchange and token sale platform came in the form of Gibraltar Blockchain Exchange (GBX). Last year, Gibraltar Stock Exchange (GSX) launched this cryptocurrency exchange at the Hong Kong FinTech Summit.

This exchange offers an integrated offering that involves corporate, advisory and payment services with the goal to provide a comprehensive ecosystem for AML/KYC, listings, wallets and trades services.

The popularity and success of this exchange are evident from the fact that recently an official announced about 200 applicants have already shown interest in launching their ICOs via GBX.

Whether it’s cryptocurrency or ICO, they continue to face a tough challenge in the international market space. By introducing crypto-friendly regulations while keeping the consumer protection their main focus, Gibraltar has certainly created a haven for the crypto industry and a driver to stimulate its growth.

What are your views on Gibraltar becoming a Crypto favorable territory? Share your thoughts with us!

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Anjali Tyagi 440 Articles

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

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