New regulations have been introduced by the government of Gibraltar to combat insider trading and market manipulation in the cryptocurrency sector. The modified regulation adds a principle to Gibraltar’s Financial Services, stating that all DLT (Distributed Ledger Technology) providers that operate within the country should maintain the integrity of the market.

Gibraltar’s Financial Service Commission drafted the new regulations, alongside a team of professionals specialized in market integrity. Representatives of both the government and specialists in digital assets and blockchain formed the team with the goal to develop the legislation and their purposes.

Gibraltar’s regulatory framework is the first one in the world created specifically for DLT companies, establishing a rigorous authorization process and supervising the territory’s highest levels of compliance.

The small, southern Spanish peninsula has been a leading player in DLT businesses that want to be regulated in crypto markets since 2018, when it was introduced for the first time.

Albert Isola, Gibraltar’s minister for digital and financial services, said:

“We were the first jurisdiction in 2018 to launch the legal and regulatory framework, and we’re now the first jurisdiction to launch a framework for market integrity.”
Over the past few years, British overseas territories have been popular as vacation spots. They are now openly supporting the blockchain industry. In 2018, the British overseas territory introduced blockchain-related licensing rules.

Today, large firms operating in this industry are licensed by local regulators to open offices in Gibraltar. These licenses include crypto exchanges like FTX, Huobi and Bullish.

To The Flipside

• Blockchain firm Valereum closed a deal to acquire Gibraltar’s Stock Exchange, making it the first regulated bourse for digital asset trading.

Continue reading on DailyCoin