Set Up a Cryptocurrency Company in Gibraltar
Following the success of the online gaming industry, Gibraltar is now preparing for the introduction of new regulations for the use of blockchain technology and cryptocurrency. Gibraltar is already one of the most important financial centers in Europe, with financial technology playing an important role in the development of innovative solutions which help the customers of banks and other institutions.
Gibraltar accepts cryptocurrency payments; however, it does not have a specific legal framework which allows for the creation of digital money at this point. Even so, foreign investors interested in setting up a cryptocurrency business in Gibraltar are welcomed.
Our company registration consultants in Gibraltar can explain the formation process of a cryptocurrency company.
The draft legislation related to cryptocurrency in Gibraltar
Investors who want to open cryptocurrency companies in Gibraltar must know that this type of business falls under the supervision of the Gibraltar Financial Services Commission (GFSC) which proposed for the following:
- - the possibility of creating cryptocurrency which can be traded online;
- - blockchain which will serve as a database with the digital currencies issued;
- - a distribution ledger.
Among the types of companies which will be allowed to use cryptocurrencies are insurance companies, trading platforms, holding companies. Also, several central authorities such as the Land Register and the Companies House will also be allowed to accept cryptocurrency payments.
Our company formation agents in Gibraltar can offer more information on the legislation related to cryptocurrency.
Registering a cryptocurrency business in Gibraltar
With the mention that there already are companies trading in cryptocurrency, the Gibraltar company formation process of this type of business does not imply any special procedures. Once the company is registered, it must only set up a secure platform through which the transaction can be carried out. Online shops can set up merchant accounts through which cryptocurrency can be accepted as a payment method.
If you want to set up a cryptocurrency business in Gibraltar and need assistance, do not hesitate to contact our local company registration advisors.