Gibraltar: On the way to the Blockchain hotspot?

Apparently, the Gibraltar Stock Exchange is about to use the Blockchain for trading in the city-state. In the future, payments in Gibraltar will be processed via Blockchain technology. Also of its own crypto currency is the speech: the rock token.

Not a few locations in Europe made an aggressive bid to implement their own Blockchain adaptation last year and plan to play a leading role in the implementation of distributed ledger technology. In addition to the innovative Crypto Valley in Switzerland, this includes the island state of Malta , the Baltic state of Estonia and Republic of Slovenia . But the Gibraltar Special Administrative Region, which is part of Great Britain and is located on the southernmost tip of the Iberian Peninsula, has also been for some time now becoming an attractive location for European and international Blockchain companies.

Now the efforts could bear new fruit. As of January 1, the Gibraltar Financial Services Commission (GFSC) will be the first jurisdiction to issue licenses to settle and store transactions to businesses. Application costs, which the companies have to pay to obtain the licenses, should be between 10,000 and 30,000 British pounds – the currency of Gibraltar.

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Also in the ICO area Gibraltar shows adaptability. For example, the Gibraltar Stock Exchange, the UK’s home exchange, has launched the Gibraltar Blockchain Exchange, which is designed to trade in tokens and cryptocurrencies. Accordingly, the stock exchange operator would also need such a Blockchain license. For example, GSE plans to use Blockchain technology for its own trading and settlement systems soon. In addition, a stock-market crypto currency is brought into play as a trading currency, the rock token – named after the well-known rock of the peninsula.

Gibraltar thus sets a decidedly different accent when it comes to dealing with Blockchain technology in general and with crypto currencies in particular – compared to its mother country. For example, the UK Financial Market Authority (FCA) recently warned about Bitcoin and other crypto currencies and announced a keener investigation of initial coin offerings.

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