Gibraltar unveils new cryptocurrency rules against market manipulation
This overseas British territory is looking to be a hub for cryptocurrency firms around the world.
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Gibraltar announced new regulations regarding cryptocurrency. These are intended to counter market manipulations and in-house trading within the rapidly evolving space.
A Wednesday amendment by an overseas British territory located at the southern tip Spain to current regulations required firms that deal in Spanish products and services. bitcointhem to preserve the integrity and legitimacy of those markets.
The Gibraltar Financial Services Commission has issued a guideline note to regulated crypto firms that states companies must fight “manipulation and improper influencing prices, liquidity, market information or other behavior which could be detrimental to the integrity of the market.”
CNBC’s Albert Isola said that Gibraltar was the first to establish a legal and regulatory framework in 2018.
He said, “The more international standards in this area are there around the globe, the greater trust and adoption will be around the world.”
Gibraltar may be best known as a popular tourist destination and seaport but it is also home to a wide range of industries including gambling and financial services. The latest initiative is part of an ongoing effort to be a leader in the regulation of digital currencies.
Gibraltar, despite its size, has an excellent track record in developing regulations for the cryptocurrency market. Gibraltar, which is bordered by Spain and under British control introduced blockchain licensing in 2018.
Binance’s largest crypto-exchange visited Gibraltar “some time back,” Isola stated. However, they do not possess a license. It is currently being incorporated. seeking to become a friend rather than foeFollowing crackdowns last year in numerous countries, the regulators were forced to act.
Recent news from the Gibraltar Stock Exchange agreed to be acquired by ValereumIn a bid for the title of world’s first regulatory bourse for crypto and share trading,, a Blockchain firm. The SIX Swiss Exchange has this goal. also seeking to achieveThe creation of an online platform to trade blockchain-based securities.
As major economies around the world, such as the U.S.A and U.K. introduce new rules, these rules are also effective. bring crypto into the regulatory fold.
Isola stated, “I believe it’s an indication that more and more jurisdictions recognize the need to do so.” There’s increasing adoption.
Isola argued that Gibraltar “is not doing this to promote itself,” saying: “We desire a small, but quality group of companies within our jurisdiction.”
Gibraltar is a known tax haven. There are several major U.K gambling companies, such as Entain 888Due to the favorable tax regime, a number of companies have established their headquarters in this rocky region. Recently, Gibraltar sought to discredit such a reputation.
Isola claimed that “fully compliance” is achieved with the U.K.’s transparency and exchange information standards. This was in contrast to Gibraltar being called a tax haven. Isola said that crypto also has to comply with transparency standards, which means “the bar is very high.”
Last year, Spain agreed to take Gibraltar off its list of tax havensFollowing the conclusion of a tax cooperation arrangement with the U.K. This issue has been at the heart of London’s discussions with Madrid after Britain left the EU.