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Gibraltar Stock Exchange May Become First Cryptocurrency Trading Platform

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Gibraltar Stock Exchange May Become First Cryptocurrency Trading Platform
Blockchain company Valereum is preparing to take over the Gibraltar Stock Exchange (GSX). The purchase offer is currently being considered by the Gibraltar regulatory authorities. If the deal is approved, then from 2022 GSX will become the world's first integrated exchange, where, along with standard bonds, it will trade with the popular cryptocurrencies Bitcoin and Dogecoin.

Gibraltar is currently in the process of revising its tax policy. This process will allow the state to remain one of the financial centers and will provide an opportunity to get rid of its reputation as a tax haven. The introduction of work with cryptocurrencies will help in attracting legal investments and getting rid of intruders.

Over the past 3 years, local regulators have granted licenses to a dozen companies specializing in blockchain and cryptocurrencies. This could attract the attention of Richard Poulden, ex-chairman of Sirius Minerals. It was the functionary who chose Gibraltar for the Valereum cryptocurrency exchange project. Based in Gibraltar, the firm specializes in converting classic and digital currencies.

The project will be implemented by the modernization of the exchange and some changes in legislation regarding the order of crypto trading on the GSX. Poulden says focusing on technology rather than people will help eliminate intruders. Checking cryptocurrencies for money laundering will not differ from monitoring regular currencies, since all the details of transactions can be traced in the blockchain.

A promising project will surely attract the attention of other countries, where over time similar mechanisms of interaction with cryptocurrencies can be applied. Nevertheless, according to experts, Gibraltar may be subject to sanctions from the United States and other countries if it is established that it has worked with crypto companies involved in money laundering and other economic crimes.
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