Cookie Usage

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies at www.cruzlaw.gi. You can find out how we use cookies, or if you do not wish us to set cookies, you can change your browser settings.

I agree
Search Call Menu

Gibraltar is ideal if you are into crypto and blockchain tech

Gibraltar showed it’s hand early in the field of crypto and blockchain technology. Not only was it a bold move to be the first jurisdiction to look at and publish DLT legislation it is also drafting regulations on  ICO regulation. It is no mean statement to say that Gibraltar is leading the world in this kind of framework, testing water perhaps bigger, more monolithic countries fear not to as yet.

A lot of it came out as the Government of Gibraltar headed by Chief Minister Fabian Picardo, especially the Ministry of Finance headed by Albert Isola, in conjunction with the Financial Services Commission mind melded over the way to both support and enhance Gibraltar’s future success. This was further galvanised by the UK’s 2016 vote on the EU which not only surprised UK Parliament but the 96% of Gibraltarians that voted to remain.  In one foul swoop the possibility of the reemergence of Spanish intransigence through the land border became a very distinct possibility and the subsequent “veto” given to Spain by the EU Commission made things worse.

However fear not Gibraltar things are going well, even more so as crypto news is full of other countries climbing on board. Malta, another small EU country may have “Binance” founded last year in Hong Kong by Changpeng Zhao looking like it will move there. The exchange moved its operations to Japan in response to China’s ban on crypto activities last September. Now, it looks as though the exchange will be relocating again given the recent crack down with Japanese authorities.

There are also whispers that “Monaco” no not the state but the relatively new cryptocurrency company, contemplates a similar move. For now, Monaco (the currency) are looking into tackling this market sooner or later. It will take some time to successfully do so, but the plan is set in motion and though Malta may seem a favourite they would do well to take a look at Gibraltar.

Yes we are a little biased. For us it seems the Gibraltar Government has its work cut out to attract business here and whether “brexit” has an effect on any decision for a company in this field remains to be seen. I personally think it is a positive advantage to be a free crypto market economy with the ability to legislate fairly freely especially a country  like Gibraltar which has years of economic experience in varying fields and is fully stamped and signed up as a “white list” country meaning they are a jurisdiction that has implemented the internationally agreed tax standard – i.e. not considered to be a tax haven by the OECD.

If it sounds like an advert maybe it is but maybe we are proud of what we can achieve with our partners in crypto and blockchain so either contact us here at info@cruzlaw.gi or drop onto our website.