Gibraltar today stands as one of the most blockchain and cryptocurrency forward nations in the world. The nation’s visionary outlook to emerging technologies, especially in the areas of regulating blockchain and cryptocurrency, continues to attract many projects in the industry.
Charting a New Course
At a time when several governments across the globe are reluctant or extremely careful in allowing a high level of freedom to innovations around the fast-growing cryptocurrency ecosystem, Gibraltar has taken a different approach.
Providing regulatory framework around cryptocurrency is essential to be more welcoming in the region. This revolves around the foresight and actions of the country’s regulatory body, the Gibraltar Financial Services Commission (GFSC).
The commission’s outlook towards crypto can be linked to its overall aim, which focuses on protecting consumers and enhancing the reputation of Gibraltar as a quality financial services center while promoting good business.
The nation’s lower tax reputation and the extension of such to cryptocurrency-related projects remains one of the attractions for innovators creating a base in Gibraltar. At the same time, these innovators are enhancing technological development and setting the country on the pedestal of global leadership in emerging technologies.
A Revolutionary Crypto Card
The tap prepaid Mastercard is one of such projects springing up from the geographical base of Gibraltar. The tap prepaid Mastercard is issued by Transact Payments Limited (TPL) pursuant to a license by Mastercard International. TPL is authorized and regulated by the Gibraltar Financial Services Commission as indicated on the tap website.
The tap prepaid Mastercard enables users to spend efficiently from their cryptocurrency assets without any undue complexities. Just like using any other regular card for payment, tap users will be able to pay for goods and services with their card with a simple interface that will allow them to convert these assets into fiat with a tap.
This is a major leap towards the adoption of cryptocurrencies. It removes the protracted barrier of complex transaction processes that require special knowledge about basic cryptocurrency transactions.
Merchants are settled in fiat via the settlement process they already understand, most will not even know about the crypto element of the transaction. In time we believe that crypto assets will be accepted as payment by merchants, however, that is not the norm as we begin this journey.