Gibraltar now welcomes cryptocurrency such as Bitcoin within its jurisdiction. The start of the year has seen the regulation, which serves as a protective means designed to provide insulation against organisations that take cryptocurrency, come into effect.
The regulation has given rise to new hope for optimised global regulation and is set to promote the well-being of online companies, especially in the online gambling sector where more and more online casinos are using blockchain-supported cryptocurrency transactions for deposits and payouts.
Reputation Protection and Blockchain
Gibraltar’s reputation and, of course, crypto customers alike are priorities of the new regulation protection. The regulations very clearly insist on companies storing and transmitting value that is to be licensed by the Financial Services Commission (GFSC).
How the Licensing System Works
Gibraltar’s very first cryptocurrency regulation has been dubbed the Digital Ledger Technology (DTL) Regulatory Framework. The regulation is intended to create acceptance of cryptocurrency and Bitcoin and not a blatant protective intervention. The DLT Framework is supposed to lay down the stepping stones for further cryptocurrency sector legislation in an area that holds online gambling and financial services as the pillars of a relatively shielded economy.
What’s Expected of Organisations?
The new regulations clearly call for all DLT providers to communicate with customers plainly and fairly. This means complete transparency is mandatory in an effort to respect the fears and risks that businesses and customers alike display when new licenses come into play.
What’s more, crypto-licensed companies will now have to be proactive in the protection of client money and assets.
Gibraltar seems to be the perfect domain in which to explore cryptocurrency regulation models. The jurisdiction’s legal system is vehemently independent of the UK. Now, we know that Gibraltar has a long history of pioneering economic priorities and unique government policies.
With this in mind, there’s no doubt Gibraltar is a haven for determined online casinos and online sports betting companies thanks to enticing corporate tax incentives and rather lax regulations aimed at encouraging innovation and growth.
What Does This Mean for Online Gamblers?
Gibraltar isn’t just some gorgeous destination, it boasts an incredibly flexible taxation system. Considering its close relationship with the UK, it’s one of the most forgiving systems in terms of gambling. That’s why it’s a haven for crypto investors from around the world.
In short, that means a great many funds in crypto-casinos and even better payouts. Just like Malta, Gibraltar is actively introducing its new crypto regulation that will render Bitcoin that much safer, along with crypto wallets, cryptoATMS and a ton of other exciting initiatives.
We’ve already seen how Bitcoin has taken the world by storm. This means heaps of money for those people smart enough to jump on the bandwagon early enough. If you’re just getting ready to jump on that Bitcoin bandwagon, it’s exciting that Gibraltar, and the online world of gambling, has your back.