‘I have Bitcoin for the benefit of my kids,’ says Gibraltar MP

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In Europe, the British Overseas Territory of Gibraltar, located at the southern tip of Spain, is a hotbed of cryptocurrency adoption.

In an interview with Cointelegraph, Albert Isola, Minister of Digital and Financial Services for His Majesty’s Government of Gibraltar, explained the sector’s vision for crypto and shed some light on his own investment interests.

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Isola played a key role in driving Gibraltar’s purpose-built distributed ledger technology (DLT) regulatory framework. However, he is also a bitcoiner.

Isola (left) in front of a photo of the Gibraltar Peninsula, known as “The Rock”.

Speaking from the ministerial office in Gibraltar, he told Joe Hall “I have bitcoin.” He continued:

“I’m just not at the level where it’s something I use regularly, it’s about buying something for the benefit of my kids for years to come. I don’t touch it.”

While spending bitcoin (BTC) at one of the Costa Coffees, which now accept bitcoin in Gibraltar, may not be their thing, he explained that bitcoin adoption is going to increase, “as more and more jurisdictions regulate it.” Let’s start:”

“I’m just not at the level where it’s something I use regularly, it’s about buying something for the benefit of my kids for years to come. I don’t touch it.”

Gibraltar is an attractive regulatory jurisdiction for crypto companies. Since 2018, when the Distributed Ledger Technology (DLT) law came into force, more and more companies have considered the European region. “In the area of ​​regulated jurisdictions, Gibraltar has always been the most interesting,” Fedi co-founder and CEO Obi Navosu told Cointelegraph. They brought Coinfloor (now CoinCorner) to Gibraltar four years ago, following the 2018 regulations.

Bitcoin-based private bank Xapo has recently decided to open its international branch in Gibraltar. Its CEO Wences Casares is known as “Patient Zero” after orange-piling Silicon Valley officials, while the Xapo offices are carved out of Gibraltar’s ancient military defenses. Gibraltar’s oldest ramparts – Moorish fortifications dating back to 711 – now protect the office wine cellar.

The door to Xapo’s wine cellar. The walls are 1,300 years old.

In fact, despite a small population of 35,000, the region packs a punch in the cryptocurrency sector. Crypto companies like Damex and Tap.Global have or are present in a small land area. Also, Mexican exchange Bitso partnered with Gibraltar late last year to digitize government services.

Xapo’s chief technology officer Anouska Streets told Cointelegraph that the regulation is “not a joke – it’s participant style.” Indeed, in recent months Gibraltar has enacted regulations to combat market abuse. Isola reinforced this point:

“If they [DLT companies] We are not prepared to meet the regulation and quality standards that we want will not be licensed.”

Isola pointed out that the government used the same stringent but partnership-first process for the gaming space in 2014. Now about 75% of the United Kingdom’s online gaming is done from Gibraltar, with about 15 businesses, Isola reported.

Isola also led the gaming and commerce activities at The Rock.

RELATED: Andorra Gives Green Light to Bitcoin and Blockchain With Digital Assets Act

2018 was the last bitcoin and crypto space bear market in which DLT regulation was removed, and Gibraltar reaped rewards in the ensuing bull markets of 2020 and 2021. In the bear market of 2022, or “down time”, as Isola delicately describes, businesses in Gibraltar are “very well positioned to take advantage of the upside as well as manage themselves in downtime: “

“I think our DLT firms are well prepared to ride out the storms and take advantage of the upside whenever they come.”

While bitcoin-backed businesses benefit from Gibraltar’s approach to regulation, in light of the recent bitcoin bear market rallies, Isola may be right in wanting the next generation to hold onto their bitcoin.

Cointelegraph visited Gibraltar to conduct a video interview, which will contribute to Cointelegraph’s media coverage on Youtube. Subscribe here.