Head of the Ministry of Gibraltar Albert Isola: We are well prepared for crypto winter – Bits Media

The Minister for Digital and Financial Services of Gibraltar said, what, thanks to timely improvement of legislation, local crypto companies can use the market decline for development.

Albert Isola (Albert Isola) said in an interview, what doesn't use cryptocurrencies for payments.

"I have bitcoins. But I'm not at that stage yet, when I would use cryptocurrencies on a regular basis, but I can save digital assets for my children. That's why I don't use them for trading.", He said.

The official knows, that Bitcoins can already be used to pay in coffee shops of the Costa Coffee chain in Gibraltar. He's confident: BTC acceptance rate will increase, "as more and more jurisdictions begin to regulate it". Although there is strict regulation of the crypto industry in Gibraltar, a huge number of cryptocurrency companies seek to operate in this jurisdiction. The Minister recalled, that in recent months Gibraltar has introduced regulations to combat abuses in the cryptocurrency market.

“If cryptocurrency companies are not ready to meet regulatory and quality standards, which we strive for, they will not be licensed", Albert Isola warned.

The minister added, what in 2014 year the government used the same strict, but the right approach to gaming products. As a result, it is now about 75% UK online games released 15 companies from Gibraltar.

Izola noted, that after that, as 2018 During the bearish trend in the cryptocurrency market, blockchain was legalized in Gibraltar, during a bullish rally 2020-2021 Gibraltar "reaped the benefits" of its decision.

The Minister for Digital and Financial Services said, what now, during a bearish trend, Gibraltar businesses are 'very well prepared', to take advantage of growth, developing during a negative trend:

"I think, that our crypto companies have a good chance of weathering the storm, and then take advantage of growth, when will this be possible".

Gibraltar recently introduced new rules for the crypto industry, aimed at combating insider trading and market manipulation.