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Gibraltar Tightens Crypto Market Regulation

13 April 2020 17:16, UTC
Gibraltar Tightens Crypto Market Regulation
By Anna Martynova

Gibraltar, one of the few crypto-friendly jurisdictions, plans to introduce new laws to control the manipulation of the crypto market. Albert ISOLA, Gibraltar's Minister for Digital and Financial Services, said the jurisdiction is currently trying to regulate cryptocurrencies like the sector of financial services. The minister also noted that the decision of the authorities to shift the focus to cryptocurrencies was caused by a decrease in demand for initial coin offerings (ICOs) over the past couple of years.

In 2018 the island state adopted the regulation of blockchain startups and crypto exchanges. In the same year, Gibraltar began licensing them. To date, in addition to regulatory measures regarding the manipulation of the crypto market, Gibraltar is developing a technological solution that will allow crypto companies to collect customer information as it is done in the traditional banking system. It is expected that this will help participants in the crypto industry to comply with the FATF guidelines.

Gibraltar does not want to lose the status of crypto-friendly jurisdiction. However, the government seeks to make the crypto sector more integrated into traditional finance and introduce clear rules.

Image courtesy of Gambling insider



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