Tuesday, September 27, 2022

Gibraltar Updates its Crypto Law to Sustain Market Integrity

Gibraltar has added a new law guiding the virtual assets market in the country. The regulation will serve as a standard in protecting the integrity of its cryptocurrency sphere by coordinating the crypto service providers and ensuring they conform to laid down principles. According to the government’s announcement, the team that drafted the legislation was made up of government officials as well as notable business persons.

The government regulator serving as a watchdog over this law is the Gibraltar Financial Services Commission (GFSC). The legislation was scripted in a Guidance Note, providing guidelines on how the Distributed Ledger Technology Providers (DLT) will prevent insider trading and manipulations in the crypto market.

The added law dubbed the 10th Regulatory Principle will also prevent the crypto market from any form of abuse, false transactions, or unreasonable cryptocurrency price listings.

The new regulation is however an amendment to an already existing legislation on blockchain technology, which was first introduced in 2018. This shows how meticulous the Gibraltar government has been in ensuring a safe market for crypto transactions. 

Further in the report, Albert Isola, the Minister for Digital and Financial Services noted that the virtual assets industry is expected to operate in such a way that guarantees a safe haven for as many of its citizens that want to trade on the digital assets class. He added that the country “must ensure that we provide operators with a framework that enables them to maintain the same high standards as operators do in traditional industries.”

Also in lending his voice, the CEO of GFSC, Kerry Blight said the Guidance Note will expose any form of irregularities in the market and “improve standards around disclosure and transparency, and ultimately safeguard the rights and interests of consumers.”

Despite overseeing a population of only 33,000 people, the government of Gibraltar has set a precedent for other nations of the world to follow, having zero tolerance for any threat that may arise in the crypto sphere.

Another country that has often been keen on regulating digital assets is the government of India. Although its parliament did not ban crypto, stringent tax policies have, however, been administered, a move many experts believe can usher in a more comprehensive regulation.

Godfrey Benjaminhttps://cryptomarketsbeat.com
I'm just a nerd who wants the world to know about the unique capabilities of blockchain and digital currencies

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