TL;DR Breakdown
• Financial Secretary indicates that Gibraltar wants crypto trading to be secure
• The country will follow the latest trends in crypto regulations within the United States
Gibraltar recently introduced a new regulatory amendment to the crypto market. The amendment clarifies that crypto companies must respect the crypto market laws.
In previous months, the European country would be gaining priority among the leading crypto companies. Still, it was now that Gibraltar reinforced its crypto laws and advised the companies to combat price manipulation. According to the financial agency in Gibraltar, crypto companies should protect decentralized trading.
Regulators in Gibraltar renew their laws towards the crypto market
The financial secretary in Gibraltar, Isola Albert, clarifies that the country was the first territory to regulate the crypto market in 2018. But, now, they will seek to create a trade protection amendment.
In this way, Isola believes that the experience of the crypto investor will not be affected and will follow its same range in adoptions but in a safer way. Isola adds that when the crypto market is better standardized, people will have more confidence in it, undoubtedly increasing its adoption in the country and worldwide.
Gibraltar has earned the prestige of being a good tourist spot and is also recognized for its flexibility in financial management and online gambling. The country was present in the first crypto adoptions for 2018, while other European territories were unaware. Since that year, companies that offered their crypto operations in the country could issue a license to work with the Blockchain network.
European territory has become the paradise of the crypto trade
With the flexibility in crypto laws that Gibraltar shares, not surprisingly, the leading trading companies such as FTX or Bullish market followers offer their services there. In previous months, the multinational Exchange Binance director also went to the territory to establish its operations.
The stock market in the country agreed with Valereum, a company operating the Blockchain network, to become the first crypto-regulated market in the world. But the Swiss crypto platform “SIX Swiss” would also seek to enter the cryptocurrency-based stock market.
The recent crypto regulations in Gibraltar appear after the main economic territories globally, such as the United States, creating new laws toward decentralized commerce. According to Isola, these reforms are necessary for crypto trading to be controlled and taken to a new level. However, Isola clarifies that these regulations will not destroy trade but only seek to maintain order.
Gibraltar has received harsh criticism for being a tax haven for cryptocurrencies and online gambling. But these criticisms will likely be eliminated with the latest news.
Source: https://www.cryptopolitan.com/gibraltar-regularizes-crypto-laws/