Gibraltar’s government plans to bridge the gap between public and private sectors with blockchain

December 7, 2021 Coin Telegraph

Blockchain

Officials have already started digitizing government services on the smart contract network RSK, but plan to step up work on the integration in early 2022.

The government of Gibraltar, a British territory at the southern tip of the Iberian Peninsula, has started a pilot program aimed at utilizing blockchain technology to store official credentials on its systems.

In a Tuesday announcement, Her Majesty's Government of Gibraltar said it had partnered with Mexico-based cryptocurrency exchange Bitso and IOVlabs, a startup that develops financial solutions based on the Bitcoin (BTC) blockchain, to integrate blockchain technology into its eGov system. The initial phase of the integration will allow users to store state-issued and certified credentials on its servers in an effort for residents and location organizations to have better access to public services.

According to Albert Isola, Gibraltar’s Minister for Digital and Financial Services, officials have already started digitizing government services on the smart contract network RSK, but plan to step up work on the integration in early 2022. He added that Bitso would be contributing $500,000 in Bitcoin — roughly 9 BTC at a price of $55,000 — to the project.

“Gibraltar has successfully positioned itself as a forward-thinking jurisdiction for innovative businesses developing and offering blockchain-related solutions,” said Isola. “The implementation of blockchain technology into our processes in partnership with our stakeholders working here will further improve the way in which our community interacts with the government.”

Gibraltar’s Financial Services Commission has recently given the greenlight for crypto firms looking to conduct business in the British territory, including Huobi Group’s local arm Huobi Gibraltar providing spot trading services, and Block.one’s branch Bullish Limited. Many companies in the space seem to be looking at the territory as a more favorable regulatory environment.

Block.one’s Bullish exchange wins license from Gibraltar regulators

November 10, 2021 Coin Telegraph

Coin Telegraph

Block.one announced its plans to build Bullish, its own blockchain-based crypto exchange, in May 2021.

Block.one, the developer of the EOS.IO protocol — the blockchain network of the EOS cryptocurrency — continues progressing with its cryptocurrency exchange subsidiary known as Bullish.

Bullish officially announced on Wednesday that its branch, Bullish Limited, obtained a distributed ledger technology license from the Gibraltar Financial Services Commission (GFSC).

The regulatory approval marks a major milestone ahead of the exchange’s launch. Block.one announced plans to build the exchange in May 2021.

Block.one CEO and Bullish chairman Brendan Blumer said that Gibraltar is emerging as a “leading blockchain and virtual assets hub” that can provide a foundation for crypto-focused companies to “operate securely and in compliance with industry best practices.”

“Securing this license signals that the Bullish exchange is a platform that institutional and retail users can trust. It also underscores our commitment to client protection, compliance and industry-leading security ahead of launching the exchange, and continues our progress towards going live,” Blumer noted.

Block.one raised $10 billion earlier this year in order to launch a crypto exchange based on the EOS public blockchain. Some prominent Bullish investors include Galaxy Digital CEO Mike Novogratz, billionaire hedge fund manager Alan Howard, and PayPal co-founder and billionaire venture capitalist Peter Thiel.

Despite Bullish not going live yet, the company already has some ambitious plans. In July, Bullish reportedly announced the firm’s intention to go public on the New York Stock Exchange with a debut valuation of $9 billion. The firm is set for a public listing through a merger with the special purpose acquisition company Far Peak Acquisition led by former NYSE president Thomas Farley, who will take over as the company’s CEO.

Gibraltar has been attracting more crypto businesses recently, with Huobi, one of the world’s largest crypto exchanges, relocating its spot-trading business to Gibraltar after exiting China.

Huobi Group is moving to Gibraltar following China crackdown

November 8, 2021 Coin Telegraph

Coin Telegraph

Huobi Gibraltar has already secured the necessary licenses from local authorities.

Huobi Group, a Bitcoin (BTC) technology firm established in 2013, is relocating its spot-trading business to Gibraltar as a precautionary measure following China’s cryptocurrency clampdown.

According to a report by Bloomberg, the Gibraltar Financial Services Commission has authorized Huobi to begin moving its spot-trading operations to affiliate Huobi Technology (Gibraltar) Co. As a result, Huobi Group may provide spot trading services through Huobi Gibraltar, a centralized digital asset exchange that has been authoritatively regulated by the GFSC. Jun Du, CEO of Huobi Group, stated:

“The worldwide cryptocurrency sector is moving toward regulated growth. [...] The business must recognize the significance of aligning its activities with the trend.”

Several cryptocurrency enterprises have withdrawn from China as a result of the country’s strict ban on crypto. During a shareholders meeting on Sept. 24, Huobi’s board of directors voted to wind down operations and leave China.

Following Huobi’s exit, other cryptocurrency-related platforms and companies, such as crypto mining pools and mining equipment manufacturers, quickly followed suit. Binance, BTC.com and Bitmain are just a few of the organizations on this list.

As reported by Cointelegraph on Oct. 29, Huobi officially closed off mainland China’s futures and other derivatives markets as planned.

Gibraltar, a British overseas territory located at the southern tip of Europe’s Iberian Peninsula, has built up a name for itself in recent years as a Bitcoin haven. Several companies have been rushing to what is seen as a relatively benign regulatory environment.

The country has made significant strides in regulating the crypto sector within its borders. Some industry participants have praised the momentum that Gibraltar is creating, calling it a new “crypto hotspot.”

Gibraltar