Every country has already recognized crypto as a payment tool
Gibraltar, one of the crypto friendly jurisdictions, will adopt rules in the coming months to counteract market manipulation of digital assets and implement FATF recommendations for the industry. In an interview with Cointelegraph, Albert Isola, Gibraltar’s minister for digital and financial services, noted that they approach the regulation of cryptocurrency as a financial services industry.
He also noted, that the country already recognizes cryptocurrency payments as legal means of transferring value. Moreover, every country in the world does the same, unless crypto is directly outlawed:
“On the question of whether they are recognized, I don’t believe there is a law on this planet, other than those that have specifically excluded it, that will not recognize the validity of the transfer of digital assets because the law of contract enables you to transfer anything — whether it’s a boat, a house, a car, a key or a crypto asset.”
In early 2018, Gibraltar adopted regulatory rules for block-start-ups and cryptocurrency exchanges and began licensing them. A legislative framework for ICOs was also introduced. Due to the decline in popularity of this form of fundraising in the last two years, the Gibraltar authorities have shifted their attention to the cryptocurrency sector, the Minister explained.
In addition to guidelines on market manipulation, a technology solution is being developed that will allow cryptocurrency firms to collect information about clients, as is done in traditional banking. This is designed to ensure that industry participants follow the FATF recommendations published last year.
Isola stressed that 15 blockchain companies licensed in Gibraltar are subject to the same supervision regime as banks and financial companies, including on-site inspections and evaluation of KYC procedures.
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