New cryptocurrency regulations land on the shores of Gibraltar

Published by CasinoTopsOnline on January 19, 2018 in Industry News

Cryptocurrency regulationsFor many years, Gibraltar has been one of the leading jurisdictions in the online gambling industry. Mainly due to the relaxed regulations and special corporate tax incentives, Gibraltar encourages gaming businesses, online casinos, and sports betting sites to grow and innovate as needed.

In recent months, more than ever before, you may be hearing the word "cryptocurrency" floating around, being mentioned by news outlets and online trend watchers alike. 

If you're unfamiliar with cryptocurrencies such as Bitcoin, you may be in the dark about all the fuss. In essence, cryptocurrency is a digital currency that exists entirely online. Not connected to any banking system, these currencies evolve, grow and fall in value, and exist via wallets. 

Protected by the enciphering and deciphering of messages in unique codes, using cryptocurrency may currently be the most secure way to spend your hard-earned cash online. If one thing is for sure, it's that cryptocurrency is far from being a global norm and is also extremely complicated.

Cryptocurrencies around the world

Complicated or not, it's a fact that these new world-wide currencies are growing fast and can be found at many top online casinos.

Up until recently, not much has been said or done regarding regulations surrounding cryptocurrency and online casinos. The start of 2018 saw the arrival of new crypto-regulation in Gibraltar that may just be the first step to huge changes in the industry.

The Digital Ledger Technology (DLT) Regulatory Framework is the first of its kind in Gibraltar and it has the ability to lead the way regarding regulations for cryptocurrency.

The aim is to protect both the player and the businesses accepting cryptocurrency. One particular push is for the many companies that store and transmit crypto value to be licensed by the Financial Services Commission (GFSC).

Financial services and online gambling are the main pillars of what Gibraltar stands for on a daily basis. It stands to reason that this sector would be one of the first to find new ways to welcome, but also protect a new currency that could be put to good use.

The main aim for Gibraltar and its law makers is to find a working balance between those that play and those that earn money from those players. It's only with that balance that both online safety and winning opportunities can expand.

Head of the Risk and Innovation department at the GFSC, Nicky Gomez, said that he was eager to find exciting new ways to work on "interesting and innovative ideas with (license) applicants."

It remains to be seen what this new regulation will truly bring to the table and how the iGaming industry will accept the upcoming changes.