Gibraltar was one of the most advanced countries to study the Blockchain phenomenon. In mid-2017, it introduced a complete crypto regulation that covered the definition of cryptocurrency and the launch of ICOs.
In this regard, Alberto Isola, the Minister of Commerce in Gibraltar, described the experience that the government is doing in this sector:
“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.”
As in the case of legal gambling and betting, Gibraltar is always at the forefront in the study of sectors that are initially viewed with suspicion but subsequently considered acceptable if they are subject to strict regulation.
The length of the regulatory process varies according to what the company is doing but the average time appears to be about six months.
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