Zippie Industry Review: Gibraltar
Gibraltar, The British overseas territory located in the Mediterranean, has a proud history of supporting blockchain-based initiatives. Already in mid-2016 it hosted the launch of Europe’s first regulated bitcoin product, BitcoinETI. Then last December the territory also launched a new license for Fintech companies wanting to make use of blockchain in their business. But what was the inspiration? Why is Gibraltar so passionate about blockchain? We headed to the territory to find out.
Why is Gibraltar so passionate about blockchain?
Gibraltar’s enthusiasm is largely thanks to one man, Albert Isola, the Minister for Financial Services and Gaming. A couple of years ago he prompted the Gibraltar Government to become a hub for virtual currencies. Blockchain was a natural progression. In 2016, the government produced a consultative paper which was followed by formal proposals to bring the sector within the scope of financial service regulation. Consequently, since the 1st January 2018, any company in Gibraltar using blockchain tech has needed to gain authorization from the Gibraltar Financial Services Commission to become a Distributed Ledger Technology (DLT) provider. To gain this license, the company has to fulfill a detailed list of criteria.
To see how this initiative has gone and to better understand the consequences for the blockchain space, we interviewed: Nick Cowan, Chief Executive Officer, GBX, Vikram Nagrani Partner at Hassans, Ransu Salovaara, Chief Executive Officer of TokenMarket and Albert Isola. Check out the video below to see what they had to say:
A safe harbour for new investors
Considering the favourable environment, it should come as no surprise to learn that the Gibraltar Stock Exchange (GSX) is now launching the Gibraltar Blockchain Exchange (GBX), a new way for investors to take part in cryptocurrency markets. According to their website:
“The Gibraltar Blockchain Exchange (GBX) aims to be a world-leading institutional-grade token sale platform and digital asset exchange. Built upon principles of decentralisation and community consensus, we seek to create a new era of trust, openness and global acceptance for the crypto industry, one quality token listing at a time.”
The idea of an exchange that can be fully trusted will undoubtedly be a blessing to more traditional investors. The over 1,600 cryptocurrencies that have been issued to date already trade on online exchanges around the world. However, many of these are either lightly regulated or not regulated at all. GBX promises to provide a platform where traditional investors can feel more comfortable with crypto, especially as they plan to actively vet new offerings to help the safety of its investors.
It’s clear that Gibraltar is working hard to promote blockchain to a wider audience. As a project dedicated to bringing blockchain to the masses, we think this is something the whole space can be happy about. The safer the investment environment, the more interest in the myriad benefits blockchain can bring the world.
To see how we’re helping with that goal, follow our progress via our Telegram channel and join our community on Twitter, Reddit and YouTube.
Photo credit: Browser
