Rock on, Gibraltar: Pro-crypto regulation drags Binance and big players

Rock on, Gibraltar: Pro-crypto regulation drags Binance and big players – Mail Bonus

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Gibraltar’s 6.8 km2 land area is home to 35,000 people and several large international crypto companies. The British overseas territory of Gibraltar, administered by the United Kingdom and an important gateway to Europe, is an attractive jurisdiction for distributed ledger technology (DLT) or simply cryptography.

The world’s largest cryptocurrency exchange, Binance, is now hiring for four roles at the “Rock of Gibraltar,” up from two roles a week ago. Binance CEO CZ had a meeting with the Chief Minister of Gibraltar, Fabian Picardo december 2021 after Picardo was found to have the Binance app on his laptop:

CZ is said to have visited “The Rock” in 2022 and Binance Gibraltar jobs have since popped up on the exchange’s website. Cointelegraph reached out to Binance to inquire when the Gibraltar office would open. A spokesperson from Binance, which has no official international headquarters, told Cointelegraph that the group “is a remote first organization where many of our employees work remotely.

“Binance will establish multiple regional offices. France and Dubai will be our offices in Europe and the Middle East, respectively.

The group did not respond to a question about whether the group would establish a physical presence in Gibraltar. However, Binance would be in good company in the ever-crypto British Overseas Territory.

Bitso and Huobi established their operations in Europe from Gibraltar; Damex has a physical presence and countless billboards around the city and Tap.Global has offices on the high street. The government is certainly crypto-friendly. The Member of Parliament for Digital and Financial Services, Albert Isola, told Cointelegraph that he is a HODLer:

Joey García, head of public affairs at Bitcoin-first Xapo Bank, a fully regulated bank based in Gibraltar, told Cointelegraph that Gibraltar is “nimble” and an ideal territory for adopting new technologies:

“Small jurisdictions can move faster. We’ve seen it time and time again [in Gibraltar], be it crowdfunding or new areas of development. Xapo, for example, received its electronic currency license in Gibraltar in 2017.

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Xapo Bank CEO Wences Casares is known as “patient zero” in the Bitcoin (BTC) world. The Argentinian businessman is said to have advocated for Bitcoin among Silicon Valley tech executives. Quartz reported that Casares tried to orange-pill Bill Gates, while Bloomberg reported that Xapo has over $10 billion worth of Bitcoin in its vaults.

The Xapo branch at 1 Grand Casemates Square.

The Xapo Domes are now located in Grand Casemates Square, Gibraltar’s tourist district. Millions of cruise ship day-trippers stroll past the historic walls that make up the walls of Xapo. Anouska Streets told Cointelegraph that “There is a tension and a match between the old banking and the new crypto landscape; to be that bridge between the old and the new.” Commenting on Gibraltar as a jurisdiction, she explained:

“As a jurisdiction, it’s awesome — the regulators are open and helpful in terms of how to develop — not just Bitcoin but other crypto capabilities. That’s what it stands for: for years.

Minister Isola also spoke about regulations. He explained that “regulation has to be a tool, a business, not a stopgap.” So, in my opinion, realistic and practical regulation helps the company.”

In fact, businesses have since started running with Bitcoin. Major retail chains, including Costa Coffee, now accept Bitcoin in Gibraltar. Neil Walker, managing director at Sandpiper GI — the group that manages the retail license — told Cointelegraph that Bitcoin and the Lightning Network in particular can make things “more frictionless.”

“In today’s world, people should be able to move quickly and easily between currencies with almost zero fees and the Lightning Network could enable that, whether it’s an option for border workers in Gibraltar or for visitors coming to Gibraltar to spend money.” And in our stores.”

Obi Nwosu, CEO of the Fed and a board member of BTrust – an initiative founded by Jack Dorsey and Jay Z – comments Gibraltar has always been fast.

“I’m not surprised that people in the field are trying Bitcoin; that merchants on the ground are more interested in accepting Bitcoin.

Molly Spiers, Marketing Manager at CoinCorner, explained that Bitcoin adoption in UK overseas territories is flying. “Gibraltar is hot on the heels of the Isle of Man. There are currently 7 stores in Gibraltar that accept Bitcoin – including big names such as Costa Coffee, Hotel Chocolat and Card Factory – and we have around 20 more potentially interested.

Related: Huobi gets green light as exchange broker in Australia

As for Minister Isola, when asked if Gibraltar should emulate some of the Isle of Man’s success with Bitcoin adoption, he explained: “I’ve always said that if someone has a stake in their legislation that’s better than ours, I wouldn’t hesitate in accepting it. At the end of the day, we’re looking for the most effective, enabling, innovative regulatory framework we can find.”

As a result, not only can crypto-assets meet, connect and rub shoulders with regulators on a tiny piece of land, but the territory is quick to respond to market movements.

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