Gibraltar: A Blockchain & Cryptocurrency Friendly Jurisdiction
Gibraltar is a British Overseas Territory located on the southern end of the Iberian Peninsula. The Rock of Gibraltar, which gives Gibraltar its name, is one of the most famous landmarks in Europe. Gibraltar has been a British territory since 1713 and has been a key player in world trade for centuries. Gibraltar also has a very favourable tax regime and is one of the most business-friendly jurisdictions in the world. In this article, we are going to discuss why Gibraltar is one of the best places to open a blockchain or cryptocurrency business and how our company, The IT Lab, can help you to setup and become established as a business in this sun-kissed blockchain-friendly territory. So grab yourself a coffee, and let’s get started!
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Gibraltar Blockchain Jurisdiction
Gibraltar has a long history as a leading trading hub and its strategic location has made it an important gateway between Europe and the rest of the world. And whilst most nations have taken a cautious approach to crypto-assets, either by completely banning them or warning against investment, Gibraltar has openly encouraged it. ¹
Gibraltar was one of the first jurisdictions to adopt legislation regulating blockchain technology and cryptocurrency companies. Andin 2018, Gibraltar passed the Gibraltar Blockchain Exchange Regulation Act, which provides for the regulation of Gibraltar-based blockchain companies. The Act aims to create a safe and secure environment for blockchain businesses and to promote Gibraltar as a leading jurisdiction for blockchain and cryptocurrency companies. ²Great news for those hoping to move abroad and set up as a cryptocurrency-related company!
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Cryptocurrency Businesses Are Setting Up In Gibraltar
Authorities in Gibraltar treat cryptocurrencies as an asset rather than currency, and while cryptocurrencies are not recognised as legal tender in the country, cryptocurrency exchanges are permitted and operate under stringent regulatory and investor protection standards.
Since Gibraltar has a reputation for having a low-tax regime: it does not collect capital gains or dividend taxes on bitcoins. Which makes Gibraltar the ideal place to invest in cryptocurrency and blockchain technology. ³
With Gibraltar's unique selling point being its speed to market, more people than ever before are now investing in cryptocurrency in the region. Not to mention it being the first jurisdiction in the world to regulate the blockchain sector. And in doing so, the territory paved the way for blockchain and DLT businesses to thrive. ⁴ And recently, a number of large names such as FTX, backed by PayPal co-founder Peter Thiel, have made this British territory their new home, obtaining licenses from local regulators.
In early 2022, executives from Binance, the world’s largest crypto exchange, made a trip to the territory, clearly showing their interest in Gibraltar. Moreover, The Gibraltar Stock Exchange recently agreed to be acquired by Valereum, a blockchain firm, and hopes to become the world’s first regulated bourse for share and crypto trading! ⁵
So, it’s easy to see that big things are happening rapidly across Gibraltar, and industry leaders are all keeping a close eye on every move the sun-kissed territory makes in relation to blockchain, crypto, and DLT.
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Gibraltar Cryptocurrency & IT Support
Our company specializes in providing IT support for Gibraltar-based businesses. We can help you with everything from setting up your Gibraltar-based business to sourcing hard- and software. We have a team of experienced IT professionals who can provide you with the support you need to get your Gibraltar-based business up and running.
As one of the leading IT support companies in Gibraltar, The IT Lab can help your business to outsource all its IT needs to certified and highly experienced professionals, as well as step up its online security for complete peace of mind.
Here’s a quick overview of our most popular services;
Set Up As A Blockchain/ Crypto Company - Establishing a company that is based around blockchain technology and uses cryptocurrency is not always plain sailing, but that's where we come in. At The IT Lab, we help a wide range of businesses that use DLT structures to set up in Gibraltar, saving your business precious time and money. In fact, we already have a DLT framework in place to make it easier than ever for our team to help this niche sector.
Sourcing Hard & Software - When it comes to sourcing software, let our team guide you on the most reliable and professional providers to use. By choosing wisely, you can give your business and your team, the software it needs to scale up!
Outsource IT Services - Gibraltar is undeniably a great place to do business, and The IT Lab can help your company make the most of its opportunities by outsourcing all Gibraltar-related IT needs to our team. By entrusting us with your Gibraltar-based business' IT requirements, you can shift focus and spend more time on what you're really good at - running and growing your company. So whether you need to become GDPR compliant or have systems in place to manage inbound customer calls, we’re ready to help you take your business to the next level!
Cybersecurity - Gibraltar is a very safe place to do business, but that doesn't mean you can afford to be lax about online security. As Gibraltar-based businesses are increasingly targeted by cyber-attacks, it's more important than ever to make sure your company has the best possible cybersecurity in place. Fortunately, The IT Lab can help, with a wide range of Gibraltar-specific cybersecurity solutions.
So, if you're looking for IT support for your Gibraltar-based business, don't hesitate to get in touch with The IT Lab today. We'll be more than happy to discuss your specific needs and tailor a package of services that's just right for you.
References:
2: https://www.gibraltarfinancegi/technology/distributed-ledger-technology
3: https://complyadvantage.com/insights/crypto-regulations/cryptocurrency-regulations-gibraltar/