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 in the world created specifically for DLT companies, establishing a rigorous authorization process and supervising the territory’s 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.
Read more: https://dailycoin.com/gibraltar-introduces-new-crypto-regulations/
Text source: DailyCoin.com
