Gibraltar Regulatory Authority and Legislature of Gibraltar have worked closely together to protect the cryptocurrency value and its uncertain fragile reputation by creating a framework mechanism that targets blockchain technology. As of January 1, 2018, users of digital assets such as Bitcoin, Litecoin or Ethereum are protected by the Digital Ledger Technology (DLT), which is the world’s first bill of its kind.
Henceforth, storing and transmitting value must be licensed by the Financial Services Commission, which lays down the foundation for new legislation policies in the gambling sector. Cryptocurrencies are considered as one of the major pillars of the country’s economy and have therefore attained an update of service regulations.
Although it still counts as a British overseas territory, Gibraltar has built its own legal system and government policies. The country has drawn numerous financial companies and betting groups to support its economic priorities. Thanks to a relaxed tax system, unrivaled by other member states in the EU, the territory represents a modernized and attractive market for crypto businesses.
Further protection of cryptocurrency customers implies that DLT regulations must provide a fair, clear and not misleading communication between providers and users, including contingency and financial recovery.
On a larger scale, Gibraltar is clearly interested in bringing as many measures and regulatory frameworks as possible, to stabilize and strengthen its prosperous economy, which lies on modern technologies, that are dependent on cryptocurrencies, with Bitcoin as its main digital asset.
The country also prides itself on hosting the world’s first BTM at the World Trade Center Gibraltar, since the currency entered the Stock Exchange back in 2016. Among other countries to have backed up the idea of crypto ATMs is also Malta – the world’s largest hot-spot of the iGaming industry.
Source:
“Gibraltar Launches Regulation to Protect Cryptocurrency Value and Reputation”, Tassev Lubomir, news.bitcoin.com, January 3, 2018.
Vanenhox
6 years ago
It is very interesting to watch the story of Bitcoin and other blockchain currencies unfold. Is bitcoin the first currency that is not issued by a government entity? Perhaps there are other privately issued currencies in history, but they must have been implemented on a smaller scale than blockchain. And now it is quite...
It is very interesting to watch the story of Bitcoin and other blockchain currencies unfold. Is bitcoin the first currency that is not issued by a government entity? Perhaps there are other privately issued currencies in history, but they must have been implemented on a smaller scale than blockchain. And now it is quite curious to see governments, that already have their own currencies issued by said governments, enacting legislation to protect and use block-chain currency. I think this situation must be historically unprecedented. Where will it all lead? Stay tuned.
Show morePlease enter your comment.
Your comment is added.
jade
6 years ago
Bitcoin fees are voluntary. When sending Bitcoin, we need to be smart. Sending a transaction at off peak hours, late at night, when fees are much lower. Find out what the average transaction fee is and go with that or a little bit higher, so your transaction will get confirmed sooner than later.
Please enter your comment.
Your comment is added.
Andreas_V
6 years ago
This may look like government's meddling into Bitcoin affairs on surface, but if Gibraltar's economy is so dependent on the digital currency, then it is quite expected they will take at least some control over it. We will see what it turns to.
Please enter your comment.
Your comment is added.
cheztwins
6 years ago
Bitcoin doesn't need to be controlled by the government to be ruined for the average person. With transaction fees so high users are forced to make large deposits in order for 1 transaction to even be close to being worth the fee they must pay. Even then, users will wait hours if not days for their deposit to clear the...
Bitcoin doesn't need to be controlled by the government to be ruined for the average person. With transaction fees so high users are forced to make large deposits in order for 1 transaction to even be close to being worth the fee they must pay. Even then, users will wait hours if not days for their deposit to clear the casino and show up in their casino balance. THANKS ALOT TO OVER-PRIVELAGED PEOPLE RUINING SOMETHING GOOD FOR THE AVERAGE PERSON.
Show morePlease enter your comment.
Your comment is added.
Tweeksta
6 years ago
how long b4 it gets controlled by government i wonder?
Please enter your comment.
Your comment is added.
AKQJT
6 years ago
Many websites are now accepting bitcoins but there is many countries that are restricting it, it s a real mystery for me. Choosing it or not i don t know really, but think between september and december the speculation on it was at its maximum and it reached 13k for a bitcoin and now we are seeing the inverted effect. So...
Many websites are now accepting bitcoins but there is many countries that are restricting it, it s a real mystery for me. Choosing it or not i don t know really, but think between september and december the speculation on it was at its maximum and it reached 13k for a bitcoin and now we are seeing the inverted effect. So it s not the time for bitcoin.
Show morePlease enter your comment.
Your comment is added.