Gibraltar Regulatory Authority and Legislature of Gibraltar have worked closely together to protect the cryptocurrency value and its uncertain fragile reputation by creating a framework mechanism that targets blockchain technology. As of January 1, 2018, users of digital assets such as Bitcoin, Litecoin or Ethereum are protected by the Digital Ledger Technology (DLT), which is the world’s first bill of its kind.
Henceforth, storing and transmitting value must be licensed by the Financial Services Commission, which lays down the foundation for new legislation policies in the gambling sector. Cryptocurrencies are considered as one of the major pillars of the country’s economy and have therefore attained an update of service regulations.
Although it still counts as a British overseas territory, Gibraltar has built its own legal system and government policies. The country has drawn numerous financial companies and betting groups to support its economic priorities. Thanks to a relaxed tax system, unrivaled by other member states in the EU, the territory represents a modernized and attractive market for crypto businesses.
Further protection of cryptocurrency customers implies that DLT regulations must provide a fair, clear and not misleading communication between providers and users, including contingency and financial recovery.
On a larger scale, Gibraltar is clearly interested in bringing as many measures and regulatory frameworks as possible, to stabilize and strengthen its prosperous economy, which lies on modern technologies, that are dependent on cryptocurrencies, with Bitcoin as its main digital asset.
The country also prides itself on hosting the world’s first BTM at the World Trade Center Gibraltar, since the currency entered the Stock Exchange back in 2016. Among other countries to have backed up the idea of crypto ATMs is also Malta – the world’s largest hot-spot of the iGaming industry.
Source:
“Gibraltar Launches Regulation to Protect Cryptocurrency Value and Reputation”, Tassev Lubomir, news.bitcoin.com, January 3, 2018.