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Gibraltar on the way to becoming the world's first integrated exchange

 


Gibraltar will start a new life as the world's first hub for buying and selling cryptocurrencies. The UK overseas territory is considering a proposal for the blockchain company Valereum to convert the Gibraltar Stock Trade and make it the world's first integrated exchange.


This would enable the former tax haven to serve as a licensed platform for trading Bitcoin and Dogecoin along with regular bonds. Peninsula's regulators are considering a proposal that would allow blockchain firm Valereum to buy the Gibraltar Stock Trade in the New Year. That would mean the UK overseas territory could soon host the world's first integrated exchange.


Gibraltar on the way to becoming the world's first integrated exchange with Valerum Blockchain

In the British overseas retreat in Gibraltar, Valereum Blockchain has signed an option to acquire 80% of the Gibraltar Stock Exchange. The remaining 20% ​​will remain with the current owner, the Global Stock Exchange Group. Exercise of the option and the acquisition of 80% of GSX require approval by the Gibraltar Financial Supervisory Authority (GFSC). Should the deal go through, Valereum Blockchain will nominate its directors to the board of GSX, subject to regulatory approval.


According to Valereum, the purchase of GBX is pending approval by the Gibraltar Financial Services Commission. Valereum will apply for approval to convert the exchange into a trading venue for fiat currencies and crypto currencies. This then also includes trading in coins and tokens, such as Bitcoin or Dogecoin. With this, Valereum is trying to harness a cryptocurrency sector worth around $ 3.5 billion. This roughly corresponds to the total value of all companies listed on the London Stock Exchange.


"The GSX will be the world's first exchange to create a seamless and fully regulated bridge between the fiat and crypto markets," said a Valerum spokesman.


Albert Isola, Gibraltar's minister for digital, financial services and public utilities, says that while Gibraltar was a tax haven 20 years ago, the territory has now revised its tax policy. The introduction of crypto regulation has a similar effect: it exterminates bad actors and gives investors security. "If you wanted to do indecent things in the crypto industry, you wouldn't be in Gibraltar because the companies are licensed and regulated, which they are nowhere else in the world," said Isola in the Guardian .


Parts of Gibraltar's eGov system were embedded in the blockchain at the beginning of December

Gibraltar is not only a pioneer with these new efforts on an international level. Internally, too, the government firmly expects the advantages of blockchain technology and integrates it into the state apparatus. There is a new blockchain solution that is built on the Gibraltar eGov system and improves its functionality. The initial focus will be on giving users the ability to save government-issued IDs. The pilot integration project is carried out by the Government of Gibraltar. This requires close cooperation between two companies, a cryptocurrency platform and a solution for the RSK blockchain.


Gibraltar's Minister for Digital and Financial Services, Albert Isola, said in a press release that Gibraltar is successfully positioning itself as a future- oriented jurisdiction for innovative companies. Gibraltar offers the opportunity to develop and offer blockchain-related solutions. Implementing blockchain technology into various processes will further improve the way the people of Gibraltar interact with the government. With the introduction of the eGov systemAt the beginning of 2021, work began on digitizing many services. Politicians are confident that the RSK blockchain will serve as a solid foundation. On this basis, the planned service program can be coordinated and built up step by step.


Innovation optimism attracts blockchain companies

In recent years, this innovation optimism has made Gibraltar the preferred location for some of the most successful blockchain companies in the world. A pioneer in innovation, Gibraltar became the first jurisdiction in the world to introduce legislation on Distributed Ledger Technology (DLT) in January 2018. Following an update of the DLT legal framework at the end of 2020, the government announced the establishment of a new working group . This will be responsible for creating appropriate market standards for exchanges that operate in the digital asset sector. Gibraltar is now breaking new ground with Valerum Blockchain and could soon host the world's first integrated exchange.


Institutions could try to make it difficult for Gibraltar if bills were bypassed

However, there is also a certain downside, as critical voices are getting louder despite all the euphoria. One could argue that, in the worst case scenario, the country's financial sector risks reputational damage and diplomatic sanctions. At least the complex regulations for the crypto hub should fail. Some voices warn that Gibraltar will face sanctions from countries such as the USA.


Critical voices are heard against the background of growing concerns from key global financial regulators. This includes, for example, the Bank of England . Some institutions still fear the rapid development of crypto assets and the possible consequences for consumer and investor protection. Institutionals also fear negative consequences for market integrity, money laundering and the financing of terrorist groups.


However, Gibraltar insists that crypto firms be welcomed with open eyes. The regulation of the sector was discussed for four years before it was introduced in 2018. This is how Gibraltar secured the reputation of “Blockchain Rock”. By filtering and licensing companies, “bad” actors are weeded out. Finance Minister Isola says he does not understand how there should be an increased risk of criminal activity in Gibraltar. After all, you could go to any other European country and do exactly the same business. However, without being monitored, without being licensed and, above all, without being regulatedto become. “So how can we take greater risk by regulating crypto companies? Exactly the opposite is the case". If the crypto hub is now a success as expected, it may well be that other countries will follow the example of Gibraltar.


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