In the crypto industry Gibraltar is well known as one of the few crypto-friendly jurisdictions. In early 2018 Gibraltar became on of, then, few jurisdictions to bring about blockchain guidelines.
However, the wind of change has passed, and now the jurisdiction is pushing to bring new laws to keep in check the digital coins marker.
Its current efforts on new crypto market manipulation guidelines will bear fruit in the next few months.
Gibranltar’s minister of digital and financial services, Albert Isola shed some light, and simplified things by stating that the jurisdiction has adapted a new approach of regulating crypto. Instead of regulating the crypto industry as just assets, it will treat it in the likes of a financial services sector. In other words, Gibraltar authorities will aim at regulating the entire crypto industry.
“We considered regulating crypto assets, but concluded that it was too challenging to do it safely…Therefore, we opted for regulating this space in a more financial services-based way” The Minister stated.
Isola pointed out that the decision to focus on the crypto sector is in big part due to the decreasing demand for ICO (initial coin offerings) that the last couple of years have seen.
The jurisdiction is also planning to utilise the Travel Rule, stipulated by the Financial Action Task Force (FATF), which tracks financial activity between countries. This will undoubtedly help them in this new endeavour.