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Minister of Gibraltar: "we will continue to create conditions for the development of blockchain and cryptocurrencies»

Minister of Gibraltar: “we will continue to create conditions for the development of blockchain and cryptocurrencies»

The Minister of Digital and Financial Services of Gibraltar, Albert Isola, said that the government will continue to create favorable conditions for the development of blockchain and cryptocurrencies in the country.

In his interview, Isola said that the authorities of Gibraltar are working to make this jurisdiction a “safe haven” for startups using blockchain technology. According to the minister, there is no urgent need for alternative currencies in the country. But the main reason why the state introduces digital currencies is the desire to encourage innovation. Blockchain will help bring favorable changes to the country’s economy, and this requires clear regulation and readiness to amend the legislation.

Isola added that the Government of Gibraltar is actively working on educational programs aimed at raising awareness about blockchain and digital currencies. For this purpose, private firms from the blockchain industry are involved, which are ready to interact with educational institutions, as well as share their knowledge and best practices.

Isola is convinced that despite the small territory of Gibraltar, the country has the flexibility to create niche markets and develop them better than larger jurisdictions. Gibraltar encourages firms to start working with cryptocurrencies. Isola said there were already 15 start-ups operating under the supervision of the local government in Gibraltar, and 10 of those firms had already applied to regulators for a licence. Given that the population of this small British territory is more than 33,000 people, this is a pretty good figure. In addition, last year, Gibraltar issued licenses to five platforms for trading crypto assets.

Isola is also optimistic about the first cryptocurrency. He is sure that over time, bitcoin will become more and more popular worldwide. With this in mind, bitcoin will become more regulated as international standards begin to apply to it.

Recall that this month, Gibraltar joined the ranks of the Global Blockchain Business Council (GBBC), which is engaged in the development of blockchain in more than 50 countries.