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Pro-Crypto Regulation Attracts Binance and Big Players

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The 6.8 km2 territory of Gibraltar is home to 35,000 people and several major international crypto companies. The British Overseas Territory of Gibraltar, ruled by the United Kingdom and an important gateway to Europe, is an attractive jurisdiction for Distributed Ledger Technologies (DLT) or simply crypto.

The world’s largest cryptocurrency exchange, Binance, is now recruiting for four roles in the “Rock of Gibraltar”, up from two a week ago. CZ, CEO of Binancemet the Chief Minister of Gibraltar, Fabian Picardo in December 2021 after it was revealed that Picardo had the Binance app on his laptop:

It seems that CZ visited “The Rock” in 2022, and Binance Gibraltar job postings have since appeared on the exchange’s website. Cointelegraph approached Binance to find out when the Gibraltar office would open. A spokesperson for Binance, which has no official international headquarters, told Cointelegraph that the group “is a remote-first organization with many of our employees working remotely.”

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

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

Creation of Bitso and Huobi their European operations from Gibraltar; Damex has a physical presence and countless billboards throughout the city and Tap.Global has offices on the main street. The government is certainly crypto-friendly. Digital and Financial Services MP 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 “agile” and an ideal territory to adopt new technologies:

“Small jurisdictions can act faster. We’ve seen it over and over again [in Gibraltar], whether it is crowdfunding or new areas of development. Xapo, for example, obtained its e-money license in Gibraltar in 2017.”

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

The Xapo branch at 1 Grand Casemates Square.

The Xapo Vaults are now located in Grand Casemates Square, Gibraltar’s tourist hotspot. Millions of cruise ship excursionists stroll past the historic walls that form the Xapo Walls. Anouska Streets told Cointelegraph that “there is a tension and juxtaposition between old banking work 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 great – regulators are open and helpful in terms of development – not just Bitcoin but other crypto capabilities. That’s what it stands for: for years.

Regarding the regulations, Minister Isola also spoke. He explained that “regulation should be an enabler, a business, not a hindrance. So, in my opinion, pragmatic and practical regulation helps the company. »

Indeed, businesses have since started operating with Bitcoin. Major retail chains, including Costa Coffee, now accept Bitcoin in Gibraltar. Neil Walker, managing director of Sandpiper GI – the group managing the retail franchises – told Cointelegraph that Bitcoin and in particular the Lightning Network can make things “smoother”.

“In today’s world, people should be able to switch quickly and easily between currencies with almost zero fees and the Lightning Network could enable that, whether it’s a potential for cross-border workers in Gibraltar or for visitors who come to Gibraltar to spend their time, money, and in our shops.

Obi Nwosu, Fedi CEO and a board member of BTrust – the initiative founded by Jack Dorsey and Jay Z – said Gibraltar had always been a fast mover.

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

Molly Spiers, Marketing Manager at CoinCorner, explained that Bitcoin Adoption in UK Overseas Territories Soars. “Gibraltar is hot on the heels of the Isle of Man. There are currently 7 shops in Gibraltar now accepting Bitcoin – including big names like Costa Coffee, Hotel Chocolat and Card Factory – and we have around 20 more potentially interested.

Related: Huobi gets the green light as an exchange provider 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 have always said that if someone has an element in its legislation which was better than ours, I would not. do not hesitate to adopt it. Ultimately, we seek the most effective, empowering and innovative regulatory framework we can find.

As a result, not only can crypto traders meet, network, and rub shoulders with regulators on the small patch of land, but the territory responds quickly to market moves.