Gibraltar Official: We Are Fall in Love With Blockchain, It is a Great Technology
Gibraltar is one of the nations in the world that have utmost support towards cryptocurrencies and Blockchain technology. They are not banning it altogether like China and India and they are very happy to work with cryptocurrency firms and Blockchain startups.
The similar approach to Malta, Gibraltar hoping to attract crypto startups to boost their economy. In a recent interview, Gibraltar official Alberto Isola has spoken very positively about cryptocurrencies and Blockchain. Isola said Blockchain is a great technology and they are working very hard to create the right set of regulations.
Isola said Blockchain could help the world to become a better, faster, and more transparent place. He went onto say:
“We believe blockchain technology has got a lot of promise. We thought if we can regulate it safely – where all the usual parameters of traditional financial regulation can be applied – and which doesn’t stifle innovation but encourages it, we could end up in a similar place to where we were with online gaming twenty-five years ago.”
Isola said Gibraltar has a become hub for online gaming startups and they are very happy to support him to continue their businesses inside the country. He said with their previous experience in online gaming, they can create better regulations for Blockchain technology, compared the other jurisdictions.
“25 years ago people turned their noses up at online gaming firms – we didn’t. We thought if we can get quality firms to come to us, where mind and management is in Gibraltar and we can regulate them effectively, there is a long-term, sustainable business to be run and managed. We’ve done that for 25 years and we have done so effectively. We have not had a single crash – none of those firms have failed.”
The government official confirmed after their initial legislation, they had 38 different applications from different crypto startups to come to the country. He added:
”After the introduction of the new legislation, we had 38 applications coming through, now firms are coming out at the other end of the process and you can see the efficacy of that process – these are very well known, quality brands.”
Isola said they are not going to give all of them a license because they are not meeting with the certain criteria. He finished with his words with saying:
”There will be a few that don’t get it. The reason for that is simple – they don’t meet the standards required of our licensees. I’m sure some of them will withdraw their applications before they can even be rejected.”
“We’ve seen a lot of people who are clever and with really good technology skills but who are short on corporate governance and traditional business skills. “Then you have the reverse, ex-bankers and hedge fund managers, with little knowledge of technology, but who are well equipped to run a business. Our job as a jurisdiction is to protect the technology and ensure that people who are using it are doing things properly.”