The Minister of Digital and Financial Services of Gibraltar said that, thanks to the timely improvement of legislation, local crypto companies can use the market fall for development.
Albert Isola said in an interview that he does not use cryptocurrencies for payments.
“I have bitcoins. But I am not yet at the stage where I would use cryptocurrencies on a regular basis, but I can save digital assets for my children. Therefore, I do not use them for trade,” he said.
The official knows that bitcoin can already be paid at Costa Coffee chain stores in Gibraltar. He is sure that the level of acceptance of BTC will increase, "as more and more jurisdictions begin to regulate it." Although there is strict regulation of the crypto industry in Gibraltar, a huge number of crypto-currency companies seek to operate in this jurisdiction. The Minister recalled that in recent months, Gibraltar has introduced rules to combat abuses in the cryptocurrency market.
“If crypto companies are not ready to meet the regulatory and quality standards that we strive for, they will not be licensed,” Albert Isola warned.
The minister added that in 2014 the government took the same strict but correct approach to gaming products. As a result, there are now about 75% UK online games produced by 15 companies based in Gibraltar.
Isola noted that after blockchain was legalized in Gibraltar during the 2018 cryptocurrency bear market, Gibraltar “reaped the rewards” of its decision during the 2020-2021 bull run.
The Minister for Digital and Financial Services said that now, during a bearish trend, Gibraltar businesses are “very well positioned to reap the benefits of growth while developing during a downtrend:
“I think our crypto companies have a good chance of weathering the storm and then reap the benefits of growth when that becomes possible.”
Gibraltar recently introduced new rules for the crypto industry to combat insider trading and market manipulation.
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