By 2022, several states and cities are planning to become hubs for the use of cryptocurrencies. To do this, they plan to implement various techniques to motivate the inhabitants of their territory. The goal is to get them to use digital assets. It is within this framework that the British overseas territory, Gibraltar, once seen as a tax haven, plans to carry out actions to become the world’s leading center for cryptocurrency trading.
Valereum Blockchain PLC in the sights of the authorities
Gibraltar is a territory that does not necessarily enjoy a good reputation. It is known to be a haven for tax evaders. However, in 2022 and the years to come, things could change. Indeed, the authorities want to make Gibraltar not only a space where tourists will love to live, but also a center for cryptocurrency trading.
According to the media The Guardian, the Gibraltar authorities are studying the possibility of inducing Valereum Blockchain Plc, a powerful blockchain technology group, to acquire the Gibraltar Stock Exchange (GSX). If the group accepts, it will be the first time that the territory will host a cryptocurrency exchange which offers its clients various assets such as bitcoin (BTC) and dogecoin (DOGE).
If the blockchain company performs the operation as the authorities wish, its customers who live in the territory will be able to conduct cryptocurrency exchanges, while having access to traditional bonds.
“Companies are licensed and regulated”
The Guardian clarified that at best, Gibraltar would become a center for the cryptocurrency market. However, a grim scenario may also prevail. If it is remembered that the territory does not enjoy a good reputation and that crooks thrive there, in the absence of strict regulations, Gibraltar could become the scammers center. In addition, the authorities could face diplomatic sanctions, especially as several states try to tighten the screws.
The Gibraltar authorities are not worried, however. “If you wanted to do naughty things in the cryptocurrency business, you wouldn’t be in Gibraltar, because companies are licensed and regulated, and nowhere else in the world they are.” Albert Isola, Minister of Digital, Financial and Public Services of Gibraltar, told the media The Guardian.
Recall that in October, the company Valereum had indicated that it concluded an option to buy 80% of the Gibraltar Stock Exchange (GSX).
Gibraltar could become a cryptocurrency capital in 2022. Everything is hanging by a thread! Indeed, the authorities are planning to push the company Valereum Blockchain to buy the firm Gibraltar Stock Exchange (GSX). In this way, Gibraltarians will be able to more fully access the digital asset market.
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