Gibraltar Introduces New Crypto Regulations
DailyCoin
Published Apr 28, 2022 12:00PM ET
Updated Apr 28, 2022 12:30PM ET
Gibraltar Introduces New Crypto Regulations
The government of Gibraltar has introduced new regulations to battle market manipulation and insider trading in the crypto industry. The modified regulation adds a principle to Gibraltar’s Financial Services, stating that all DLT (Distributed Ledger Technology) providers that operate within the country should maintain the integrity of the market.
Gibraltar’s Financial Service Commission drafted the new regulations, alongside a team of professionals specialized in market integrity. The team was formed by representatives of the government and experts in blockchain and digital assets, who united with the purpose to elaborate on the new legislation and its purposes.
Gibraltar’s regulatory framework is the first one in the world created specifically for DLT companies, establishing a rigorous authorization process and supervising the territory’s highest levels of compliance.
Since 2018 when the legislation was first introduced, the small peninsula in the south of Spain has consolidated itself as a leader of DLT companies that wish to operate in a regulated crypto market.
Albert Isola, Gibraltar’s minister for digital and financial services, said:
"We were the first jurisdiction in 2018 to launch the legal and regulatory framework, and we're now the first jurisdiction to launch a framework for market integrity.” Widely known as a popular vacation spot, the British overseas territory has embraced the blockchain industry over the last few years. It first introduced a licensing regime for blockchain companies in 2018.
Today, big firms in the industry have obtained licenses from local regulators to set up and operate in Gibraltar, like crypto exchanges such as FTX, Huobi, and Bullish.
On The Flipside
- Blockchain firm Valereum closed a deal to acquire Gibraltar’s Stock Exchange, making it the first regulated bourse for digital asset trading.
Continue reading on DailyCoin
Get The News You Want
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.