The British Overseas Territory is making steps towards bringing blockchain adoption into the mainstream.
The Government of Gibraltar has announced its official appointment as an observing member of the Global Blockchain Business Council, or GBBC. It will be working alongside blockchain industry leaders from more than 50 countries.
According to the announcement, Gibraltar expects to promote adoption across the British Overseas Territory and will consult widely to address topics such as regulation and education with business leaders and lawmakers to make the country a a “friendly-one for blockchain.”
The GBBC was launched in Davos in 2017, and is philosophy is about “education, advocacy, and partnership” to strengthen blockchain adoption among countries’ members.
The Hon Albert Isola, Minister for Digital and Financial Services of Gibraltar said that GBBC’s vision to further the adoption of blockchain technology through “engaging and educating enterprises and regulators is totally aligned with our own mission.”
In January 2018, the nation introduced legislation around distributed-ledger-technology, or DLT. In September it updated the regulations to include the latest Financial Action Task Force rules. Earlier this year, Gibraltar also announced it had joined INATBA, another blockchain-related group with industry leaders from the European Union.
Sandra Ro, CEO of the Global Blockchain Business Council, commented on the announcement:
“The Global Blockchain Business Council welcomes the Government of Gibraltar into our global network as a GBBC Observing Member. We look forward to highlighting the important digital assets and blockchain technology work and innovation from Gibraltar as we advance global collaboration, adoption, and opportunities.”
