Gibraltar, one of the crypto-friendly territory announced new regulations to curb cryptocurrency market manipulation which is allegedly being carried out by blockchain and crypto companies.
Albert Isola, Minister for digital and financial services, Gibraltar stated that authorities will pass regulations to eliminate market manipulation activities in crypto and the blockchain arena within the next couple of months.
As per government authorities, manipulation is a critically serious and increasing risk among distributed ledger technology and blockchain technology firms. The introduction of regulation will address this challenge in Gibraltar, Isola said in an interview.
As per the sources, the regulations had covered nine core areas consisting of guidelines and instructions for financial crime, risk management, and cybersecurity. According to Isola, Gibraltar is currently working on a a technology platform that aims to address suggestions made by FATF (the Financial Action Task Force) following its assessment and a recent review of the region’s financial regulations.
By adopting blockchain technology, Gibraltar is aspiring to become the FinTech capital of the world. The region has ground-breaking DLT regulations and also formed the world’s first Gibraltar Blockchain Exchange to facilitate cryptocurrency trading and ICOs.