Gibraltar Minister Wishes to Work with the Cryptocurrency Stakeholders to Introduce Friendly Cryptocurrency Regulations

Gibraltar is a British Overseas Territory situated on the southern side of the Iberian Peninsula. The Minister for Digital and Financial Services at Gibraltar recently recorded an exclusive interview with the journalists at Blockworks. Albert Isola MP, who is currently serving at the Financial Ministry office, claimed during the interview that proper regulations are the best way to retain the trust and confidence of the traders.

He further explained that on account of the ongoing bear market, there are many investors who have started to distance themselves from the crypto market. The bear market was seen as part of the natural crypto market cycle. However, the de-pegging of UST and the collapse of the Terra classic chain have sent shock waves of FUD far and wide within the crypto community.

Commenting on the current situation of the crypto market, Isola claimed that macroeconomics, geopolitical, and regulatory reasons are all at once acting against the crypto market. On the other hand, there are some issues like crypto lending platform Celsius, which locked its users outside of their accounts when the rumors about the bankruptcy hit the social media platforms.

Meanwhile, the top coins like Bitcoin and Ethereum are currently trading at more than 55% correction from their latest ATH as per Blockworks Research analytics. At present, the most frequently asked question in the marketplace is if it is possible to implement preventive measures. In the light of the recent events, there are many cryptocurrency analysts who are sharing models to prevent such catastrophes in the future.

Albert Isola MP Says Proper Cryptocurrency Regulatory Framework will Build the Trust of Crypto Investors

Gibraltar Minister of Finance and Digital development Albert Isola MP opines that the comprehensive and friendly cryptocurrency regulatory framework is the key to reestablishing the trust of the cryptocurrency market investors. He told the media that regulatory clarity could mitigate financial risks like uncontrollable volatility in the long run.

It is worth noting that the Gibraltar Stock Exchange is set to be acquired by a local blockchain enterprise called Valereum. There are 15 cryptocurrency organizations in Gibraltar at present with names like FTX, Huobi, Bitso, and Bullish, among others.

Isola claimed that he is considering the example of the Singaporean and EU countries to strike a balance between granting technical autonomy to the blockchain organizations and ensuring consumer protection at the same time.

Leave a Reply

Your email address will not be published.