Bitcoin and cryptocurrencies are slowly but surely getting into the mainstream finance ecosystem. More and more people, governments and financial institutions are beginning to think towards Bitcoin integration into their processes and operations.
Earlier in the week, there were reports that financial white whales on Wall Street are looking at the possibilities of paying employees conventional bonuses in Bitcoin. These days, with the continuous upward trend of Bitcoin, it is glaringly evident that the world’s pioneer cryptocurrency is progressing slowly but steadily on its journey to ubiquity.
For quite some time now, the government of Gibraltar has been working on ways to regulate its cryptocurrencies and distributed ledger ecosystem. The government had earlier in 2014 created its Cryptocurrency Working Group. Gibraltar has been exploring ways to monitor the cryptocurrency space that will be flexible and fair enough for all players in the Gibraltar crypto ecosystem.
The Gibraltar authorities had stated earlier in October, when it published its cryptocurrencies legislation, which the entire regulatory framework for DLT and crypto operators in the country would be ready by January 2018.
In a statement by the Gibraltar Minister of Commerce, Albert Isola MP, the official said:
“I am delighted and excited in equal measure to publish this legislation today, after an extended period of thinking, consultation and review with the industry and experts in this field. I am most grateful to DLT Working Group, Sian Jones, Nicky Gomez and the team at the Gibraltar financial Services Commission and to the individuals who have willingly shared their insight in the creation of this framework, I believe this framework will provide strong long-term economic opportunity across many key areas of our economy.”
The official further reiterated that:” The DLT framework positions Gibraltar as a jurisdiction which facilitates innovation while ensuring it continues to meet its regulatory objectives.”
The new Distributed Ledger Technology Providers Regulations of 2017, makes provision for issuance of licenses to a company intending to do business in the crypto space. All firms who have successfully obtained the DLT license are required to adhere to the regulatory requirements contained in the permit, which include protection of investors interest.
The new Gibraltar cryptocurrencies regulation provides a flexible framework for cryptocurrency companies to thrive in the nation. It is expected that this provision would further position Gibraltar as cryptocurrency supporting nation thereby attracting more cryptocurrency investors to the country.