Gibraltar positioned itself at the forefront of the regulation for businesses that use blockchain with the implementation of its DLT Regulatory Framework on January 1, 2018. The rules cover any commercial use of blockchain as a means to store and transmit value, and some 38 companies are already in the process of receiving their license.
The man standing at the head of Gibraltar's decision to embrace DLT is Albert Isola, the Minister for Financial Services and Gaming. "Gibraltar isn't scared of innovating but in a safe way, in a sensible way," Isola told BLOCKTV.
Isola explained that Gibraltar is looking to replicate to blockchain the philosophy that it used in gaming. "We want quality firms, in a regulated space, where mind and management are in Gibraltar," he noted. "I don't believe there is any sense in pushing this technology underground. There is an awful lot of value that this technology can bring to the world and I think that over time it will be embraced by different countries in different ways. We are not scared of being the first. We are doing it in a manner which we believe is sensible and safe for the consumer, and I'm eagerly awaiting how others move into that same space."