Gibraltar Sees Itself as Blockchain Trendsetter

Gibraltar Sees Itself as Blockchain Trendsetter

The Gibraltar Stock Exchange has announced that it has bold plans for blockchain technology, encouraging its subsidiary, Gibraltar Blockchain Exchange (GBX), to regulate for investor safety.

According to GBX, it has already enacted Distributed Ledger Technology (DLT) legislation to provide a worldwide jurisdiction for crypto companies, suggesting it wants to lead the world in technology regulation. The new legislation states that any firm in Gibraltar using DLT to store and transmit value is regulated in the country by default.

Gibraltar aims to lure new and existing fintech companies to its shores, following in the footsteps of other European countries such as Malta and Switzerland, both of which have seen the arrival of major cryptocurrency players Binance and Bitmain in recent months. The 2nd Gibraltar International FinTech Forum held last month, with another ‘Gibfin’ forum to follow in September 2018, demonstrate the country’s serious intent when it comes to encouraging fintech companies to do business there.

GBX wants to become the first regulated and licensed token sale platform and digital asset exchange operated by an EU-regulated stock exchange. Similar moves are being made in Germany through a crypto app launched by a subsidiary of the German Boerse Stuttgart. Such moves by both European countries raise the profile of cryptocurrencies and blockchain technologies and gives them enhanced credibility.

In May 2017, the government of Gibraltar set out nine principles for the regulation of blockchain services, which will cover such things as ensuring companies have the technology in place to support their business proposals or keep client assets safe. The GBX website claims it wants to turn the country into a “Crypto Harbour”.

The British overseas territory of Gibraltar has long been friendly to cryptocurrency and blockchain-based initiatives. The Gibraltar Stock Exchange hosted the launch of Europe’s first regulated Bitcoin product in mid-2016 and the territory’s financial watchdog launched a new license for fintech companies using blockchain last December.

 

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