Territory’s financial sector risks reputational damage and diplomatic sanctions if complex regulations of crypto hub fail
n the southern Mediterranean coast, nestled in the shadow of the Rock’s sheer limestone cliffs and its tangle of wild olive trees, theStock Exchange is quietly preparing for a corporate takeover that could have global consequences for the former naval garrison.
While countries including China and the UK have either banned or openly warned against investments in crypto assets, Gibraltar has bucked the trend, having committed to formally regulating cryptocurrencies in an attempt to future-proof the territory’s status as a financial hub. Gibraltar’s regulator has so far approved 14 cryptocurrency and blockchain firms for its licensing scheme, attracting the attention of ex-Sirius Minerals chairman Richard Poulden, who chose Gibraltar for Valereum’s crypto-exchange project. Valereum, he says, is trying to harness a cryptocurrency sector that is worth roughly $3.5tn – roughly the combined value of all companies listed on the London Stock Exchange.
However, experts have warned that Gibraltar could face sanctions by countries such as the US if its regulators end up giving legal approval to crypto firms that – even inadvertently – give a pass toIt comes amid concern at major global financial regulators, including the, over the rapid development of crypto assets and the potential consequences for consumer and investor protection, market integrity, money laundering and the financing of terror groups.
A month before Valereum announced its bid for the GSX in October, the head of the US Securities and Exchange Commission, Gary Gensler, declared that as an asset class, crypto was “ “If this starts to look like everyone ran to Gibraltar to get away from real regulators, it’s going to not go well for them,” Steele warns.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Australia reports another surge in COVID-19 casesSouth Australia has recorded another surge in COVID-19 cases and the state's first virus-related death since April 2020. 7NEWS
Read more »
Woman becomes first-time bride at 61, is walked down aisle at 88Proving it’s never too late to find love, Alice Lewes became a first-time bride at 61 and was walked down the aisle by her proud 88-year-old dad.
Read more »
NSW records its first COVID-19 death linked to the Omicron variantThe newest variant has become the dominant COVID-19 strain across many parts of the country already, just weeks after it was first recorded.
Read more »
‘The trick is to make yourself useful’: a beginner’s guide to sailingUsually thought of as a rich man’s sport, you do not need to afford a yacht to sail one – the main cost is in becoming a competent crew member
Read more »
The place where you can swim between two continents — but there is a catchSilfra is a fracture in the earth between the North American and Eurasian continents. It's constantly undergoing minor changes as the tectonic plates drift apart by around two centimetres a year. And it makes a great place to swim. 9News
Read more »
The place where you can swim between two continents — but there is a catchSilfra is a fracture in the earth between the North American and Eurasian continents. It's constantly undergoing minor changes as the tectonic plates drift apart by around two centimetres a year. And it makes a great place to swim. 9News
Read more »