New cryptocurrency regulations become applicable in Gibraltar

For several years, Gibraltar has served as one of the top jurisdictions in web based gambling industry. Mostly owing to special corporate tax incentives and relaxed regulations, Gibraltar is ideal for gaming businesses, sports betting sites and online casinos.

In recent times, the buzz around the word cryptocurrency has been gaining momentum. It is making headlines in newspapers as well as various websites. If you are not aware of cryptocurrencies like Bitcoin, a little enlightenment is required. In reality, cryptocurrency is a kind of digital currency, which exists only in online mode. This is not linked with a banking setup yet.

Protected by deciphering and enciphering of messages encrypted in unique codes, resorting to cryptocurrency may be a secure method to spend hard earned money online. However, there is no denying mass adoption of cryptocurrency across the world is yet to pick up and dealing with it can be complex.

Not much has been discussed about cryptocurrency regulations and the online casinos. In the beginning of 2018, new crypto-regulation was introduced in Gibraltar. This may lead the way to induce changes in the industry. The Digital Ledger Technology Regulatory Framework is unique in Gibraltar and has the potential to show the way on cryptocurrency regulations.

The aim is protecting both the businesses and player who use cryptocurrency. The companies those store and transmit this crypto-value has to get licensed by the Financial Services Commission. Financial services as well as online gambling are among the main pillars supporting economy of Gibraltar

The Gibraltar law makers are keen on finding balance between the players and game makers. The balance is crucial for expansion of winning opportunities and online safety. Nicky Gomez, GFSC’s Risk and Innovation Department Head said that he is open to find new and exciting ways to work on innovative and interesting ideas with the applicants. It is yet to be seen how the new regulation affects the iGaming industry.

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