Gibraltar has become a member of the Global Blockchain Business Council (GBBC), an organization dedicated to the development of blockchain in more than 50 countries.
Gibraltar’s Minister of Digital and Financial Services, Albert Isola, said the government would promote the introduction of blockchain in the British Overseas Territories. To do this, it is necessary to organize training seminars for business leaders and legislative bodies, as well as to conduct consultations on the regulation of firms in the industry.
The initiative aims to make the country more “friendly” towards the blockchain. GBBC Director General Sandra Ro expressed gratitude to the Government of Gibraltar for its willingness to work with GBBC to implement the latest technologies. Ro believes that blockchain can bring the economy of different countries to a new level, opening up many opportunities for enterprises to develop.
The GBBC organization was launched in Davos in 2017. Its goal is to protect the interests of firms developing solutions on the blockchain, partner with leaders from different countries, and provide detailed information to government and regulatory authorities about the principles of the blockchain. In a study conducted by GBBC last year, 63% of institutional investors have a poor understanding of the capabilities of this technology and are not interested in using it.
Recall that last year, Isola signed a memorandum of understanding on behalf of the University of Gibraltar, which began working with the research department of the Huobi cryptocurrency exchange to conduct academic research in the field of DLT. In September, the Gibraltar Financial Services Commission (GFSC) updated guidance for blockchain firms and added guidelines on token issuance and risk management.