Albert Isola, Minister for Digital and Financial Services for the British Overseas Territories in Gibraltar, recently gave an interview. cointelegraph He said he is collecting bitcoin for his children because he believes cryptocurrency adoption will skyrocket in the future.
He said:
“I haven’t reached the stage of using it regularly yet. It’s important that I buy something for my children in the future. Don’t touch it.”
While there are places that accept payments in cryptocurrencies, Isola said actual adoption will increase as more jurisdictions regulate it.
Gibraltar Cipher
Gibraltar has been making crypto-friendly decisions since 2018. In early 2018, Gibraltar passed a series of regulations for blockchain-related businesses. After that, the country started working on the Initial Coin Offering (ICO) and Distributed Ledger Technology (DLT) regulations in February 2018. At the time, Gibraltar was the first sovereign state to regulate her ICO.
In August 2018, the country announced that it would pay its football team next season in cryptocurrency, making it the first football team in the world to be paid in cryptocurrency.
At the end of 2021, Gibraltar took its crypto-readiness a step further by deciding to incorporate blockchain technology into government processes. In December 2021, the government announced it would roll out a blockchain-based pilot program to provide public services.
The country’s latest step in crypto regulation was to protect its already growing crypto ecosystem. The Gibraltar government has announced new rules restricting manipulation of price, liquidity or market information. This also makes Gibraltar the first government to launch a regulatory framework for market integrity.
Rigid but open to cooperation
In October 2018, UK crypto exchange Coinfloor became the first cryptocurrency company to obtain a blockchain license from Gibraltar. The country’s detailed regulations and lengthy licensing process were perceived as rigorous at the time. Since then, the government has strictly enforced regulations while also adopting a partnership-focused approach to the crypto space.
Isola explained that he would never extend the rules to anyone. He said:
“If they [DLT companies] They will not be licensed if they are not ready to meet the regulatory and quality standards that we strive for. “
Gibraltar is confident the formula will work, as it has already produced excellent results. The country has applied the same rigorous yet partnering approach to the gaming industry since 2014. According to Isola, the formula has worked quite well, with around 15 gaming companies now set up in Gibraltar, accounting for 75% of the UK’s online games.