Gibraltar has become a member of the Global Blockchain Business Council (GBBC), an organization dedicated to blockchain development in more than 50 countries.
Gibraltar’s Minister of Digital and Financial Services, Albert Isola, has announced that the government will promote blockchain adoption in the British Overseas Territories. This requires organizing training seminars for business leaders and legislators, as well as consulting on the regulation of firms in the industry.
The initiative aims to make the country more “blockchain-friendly”. GBBC CEO Sandra Ro expressed her gratitude to the Government of Gibraltar for their willingness to work with GBBC to introduce the latest technology. Roh believes that blockchain can take economies of different countries to the next level, opening up many opportunities for enterprises to develop.
GBBC was launched in Davos in 2017. Its goal is to protect the interests of firms that develop solutions on the blockchain, partner with leaders from different countries, as well as provide detailed information to government and regulatory authorities about the principles of blockchain operation. In a study conducted by GBBC last year, 63% of institutional investors have little understanding of the technology and are not interested in using it.
As a reminder, Izola signed a memorandum of understanding last year on behalf of the University of Gibraltar, which has partnered with the research department of the Huobi cryptocurrency exchange to conduct academic research on DLT. In September, the Gibraltar Financial Services Commission (GFSC) updated guidelines for blockchain firms and added guidance on token issuance and risk management.
