Gibraltar embraces blockchain technology.

Xcelpay|4 min read|Dec 6, 2019

Gibraltar Blockchain represents more than just the future of finance, it’s a pivotal technological shift in how to do business globally.Though the technology is still in its infancy, Gibraltar recognized the massive potential early on and acted quickly. 

This is precisely what Gibraltar has achieved with ground-breaking DLT regulations and the formation of the Gibraltar Blockchain Exchange - a world first - to facilitate ICOs and crypto-currency trading.

By fully embracing blockchain, Gibraltar is on the fast track to becoming the FinTech capital of the world. It is a monumental achievement and, as the largest law firm in Gibraltar, Hassans International Law Firm can help you maximize this enormous potential.

Blockchain Gibraltar

Gibraltar’s reputation as a forward-thinking hub of global trade dates back to ancient times. Located at the junction of Europe, Africa and the Atlantic, it is often referred to as the crossroads of history. More recently, however, the British territory finds itself at a crossroads - the intersection of finance and technology known as FinTech.

Following the announcement of the launch by the Gibraltar Stock Exchange of the new Gibraltar Blockchain Exchange (GBX), a fully-regulated exchange for crypto-asset trading, investors the world over have been eying the Rock with great interest.

Hassans - The Blockchain Law Firm

As the largest law firm in Gibraltar, Hassans was a contributor in drafting the guidance for the world’s first ever DLT regulations. Gibraltar is a small country located south of Spain. Only ~ 33,000 people live here. As a self-governing state, Gibraltar is part of the United Kingdom.

Gibraltar cryptocurrency

British and Gibraltar pounds are legal tender, although euros are often used informally. Online gambling and financial services are two of Gibraltar's leading industries.

Many banks, brokerage, investment and insurance companies have headquarters in Gibraltar. Blockchain-based companies, including many ICOs, are attracted to this territory as a good place to do business.

Gibraltar Bitcoin Taxes

Gibraltar corporate tax rate has been set at 10% since 2011. Gibraltar is in the process of developing a regulatory framework for cryptocurrency companies (Q1 2018), which should provide additional clarity on tax issues.

Government Position on Bitcoin Business

In January 2018, Gibraltar formulated the rules for the Distributed Book Technology Regulatory Framework by granting a formal license to cryptocurrency companies in the region. Thanks to the DLT regulatory framework, the Financial Services Commission of Gibraltar is the first financial ombudsman in Europe to develop ICO regulations.

Since ICOs exist in the legal zone of most countries, with the exception of those in which they are prohibited, these rules may attract many ICOs in Gibraltar jurisdiction.

As part of Brexit, Gibraltar is about to leave the European Union in 2019. This may affect the banking and legal relationship between Gibraltar and the rest of Europe.

How Gibraltar's banking sector views Bitcoins

On July 25, 2016, the Gibraltar Stock Exchange announced the release of an exchange-traded instrument (ETI) based on Bitcoins called BitcoinETI. This is the first such tool of its kind in Europe, and it means that the financial sector in Gibraltar fully supports cryptocurrency.

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